TAX AUDIT
This query is : Open
KIRTIKUMAR N. SHAH
(Querist)
30 September 2010
MY CLIENT IS A BLDG. DEVELOPER ,
1)DURING THE YEAR WORK COMPLETED IS MORE THAN 40 Lac, But no sale agreeement is made with any body as no flat is sold. Whether he is liable for Tax Audit.
2) Can he follow Completed Method for Taxation Purpose.
1)DURING THE YEAR WORK COMPLETED IS MORE THAN 40 Lac, But no sale agreeement is made with any body as no flat is sold. Whether he is liable for Tax Audit.
2) Can he follow Completed Method for Taxation Purpose.
30 September 2010
AS-7 may be followed for accounting as well as income tax purposes.
Hemu Kapoor
(Expert)
01 October 2010
Sir, are all accounting standards accepted by IT Dept. for IT Purpose..
Could you please clarify..
as i always had this doubt in my mind
Regards.
Could you please clarify..
as i always had this doubt in my mind
Regards.
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