Tax Audit
This query is : Resolved
18 December 2009
Hi
I have a client who has got retail business.
He never exceeds Rs.40 Lakhs Turnover from his direct retail business. But, in case i consider the other income and commission(all other indirect incomes) for the turnover calculation, the turnover limit(u/s44AB) exceeds.
So, can anyone of you help me to sort it out whether this specified assessee will come under tax audit??????
I have a client who has got retail business.
He never exceeds Rs.40 Lakhs Turnover from his direct retail business. But, in case i consider the other income and commission(all other indirect incomes) for the turnover calculation, the turnover limit(u/s44AB) exceeds.
So, can anyone of you help me to sort it out whether this specified assessee will come under tax audit??????
18 December 2009
Applying the monetary limit - Receipts of assessee by way of sale or trading business and receipts for doing job work can be clubbed for finding out whether limit of Rs. 40 lakhs prescribed for attracting proviÂsions of section 44AB is made out - Bajrang Oil Mills v. ITO [2007] 163 Taxman 154/295 ITR 314 (Raj.).
So u have to add all business income
So u have to add all business income
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