Tax audit 44ab
This query is : Resolved
30 June 2012
what is the gross receipt of Tax audit for Kachha Artiya? If a Kachha Artiya receives commission income of 950000 on sale of 75 lacs than whether he is liable to tax audit or not. Acc. to my understanding he is not liable.
prateek aanchalia
(Expert)
30 June 2012
hi Gaurav
if assessee raise invoice only for commission income than assessee not liable to tax audit.but if assessee show as purchase and sales (not show commission) than also not liable to tax audit in FY 12-13. (for FY 12-13 Tax required over 1 crore Trunover)
if assessee raise invoice only for commission income than assessee not liable to tax audit.but if assessee show as purchase and sales (not show commission) than also not liable to tax audit in FY 12-13. (for FY 12-13 Tax required over 1 crore Trunover)
30 June 2012
Not liable for tax audit because gross commission only has to be considered for the purpose of section 44AB. Please refer CBDT Circular No.452 dated 17.03.1986.
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