tax audit
This query is : Resolved
Ravi Prasad
(Querist)
14 June 2010
Dear all,
A firm which was under TAX Audit for Previous year(TO > 40L)but current year TO < 40L..
whether The firm falls under Tax Audit for current year ?
thanking you,
A firm which was under TAX Audit for Previous year(TO > 40L)but current year TO < 40L..
whether The firm falls under Tax Audit for current year ?
thanking you,
14 June 2010
Yes, Firm falls under the Tax Audit for current year, as per section 44 AB, if turnover exceeds rs.40Lacs in any previous year. Hence firm is liable for tax audit.
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Mahesh Babu
(Expert)
14 June 2010
I Disagree with Mr. Bansal.
although
Section 44Ab starts with every person- ....turnover exceeds... in any previous year;....
get his accounts of SUCH PREVIOUS YEAR AUDITED....
the use of the words "such previous year" makes it compulsory for an assessee to get his books audited for the previous year in which his TO exceeds Rs. 40L.
although
Section 44Ab starts with every person- ....turnover exceeds... in any previous year;....
get his accounts of SUCH PREVIOUS YEAR AUDITED....
the use of the words "such previous year" makes it compulsory for an assessee to get his books audited for the previous year in which his TO exceeds Rs. 40L.
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