Tax Audit
This query is : Resolved
CA Navin Jain
(Querist)
26 November 2010
NET PROFIT OF ABC P LTD ARE AS
INCOME:-
BUILDING RENT;- 35 LACS
COMMISSION :- RS. 25 LACS
EXPENSES RELATED TO COMMISSION RS, 10lACS
NET PROFIT IS RS. 50LACS.
BUILDING RENT INCOME IS TAXABLE UNDER THE HEAD HOUSE PROPERTY.
WHETHER ABC P LTD IS LIABLE FOR TAX AUDIT U/S 44AB?
INCOME:-
BUILDING RENT;- 35 LACS
COMMISSION :- RS. 25 LACS
EXPENSES RELATED TO COMMISSION RS, 10lACS
NET PROFIT IS RS. 50LACS.
BUILDING RENT INCOME IS TAXABLE UNDER THE HEAD HOUSE PROPERTY.
WHETHER ABC P LTD IS LIABLE FOR TAX AUDIT U/S 44AB?
CA Sanat Pyne
(Expert)
26 November 2010
NO, THE COMPANY IS NOT LIABLE FOR TAX AUDIT.
taxindiaconnect
(Expert)
26 November 2010
As per section 44AB the turnover of the assessee should be more then 60 Lac. The Guidenance note on 44AB issued by ICAI also.
CA.Madhusudan B.P.
(Expert)
26 November 2010
The limit u/s 44AB has been increased from Rs 40 Lakhs to Rs.60 lakhs effectively from 01.04.2010 onwards that is F.Y.2010-11 (A.Y.2011-12).
Moreover the income from business (Turnover/sales/gross receipts) shall be counted for the purposse of Sec 44AB applicability. hence no tax audit is applicable in hte given situatation
Moreover the income from business (Turnover/sales/gross receipts) shall be counted for the purposse of Sec 44AB applicability. hence no tax audit is applicable in hte given situatation
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
