Tax Audit

This query is : Resolved

Share Report Follow Query Ask a Query

Govarthan. P

Govarthan. P (Querist)
Follow

21 August 2008 hi Can any explain me about TAX AUDIT? For whom it applies?

pushpendra

pushpendra (Expert)
Follow

21 August 2008 Whose turnover is morethan 40 Lakh

CA Chirag Shah

CA Chirag Shah (Expert)
Follow

21 August 2008 Sec.44AB of IT Act,1961 states about the conditions where in compulsory Audit of Accounts is required.The explanation is as follows :
Every person:
„« carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds forty lakh rupees in any previous year, or
„« carrying on profession shall, if his gross receipts in profession exceed ten lakh rupees in any previous year; or
„« carrying on the business shall, if the profits and gains from the business are deemed to be the profits and gains of such person under section 44AD or section 44AE or section 44AF or section 44BB or section 44BBB, as the case may be, and he has claimed his income to be lower than the profits or gains so deemed to be the profits and gains of his business, as the case may be, in any previous year, SHALL
„« get his accounts of such previous year audited by an accountant before the specified date, and
„« furnish by that date the report of such audit in the prescribed form duly signed and verified by such accountant and setting forth such particulars as may be prescribed:
This section shall not apply to the person,
„« who derives income of the nature referred to in section 44B or section 44BBA or on and from the 1st day of April, 1985 or, as the case may be, the date on which the relevant section came into force, whichever is later:
„« where such person is required by or under any other law to get his accounts audited it shall be sufficient compliance with the provisions of this section if such person gets the accounts of such business or profession audited under such law before the specified date and furnishes by that date the report of the audit as required under such other law and a further report in the form prescribed under this section.

CHEZHIYAN

CHEZHIYAN (Expert)
Follow

21 August 2008 I Agree With Mr.CA.Chirag Shah

Govarthan. P

Govarthan. P (Querist)
Follow

21 August 2008 Does Partnership Firm comes under the above purview or it applies only to individuals?

Govarthan. P

Govarthan. P (Querist)
Follow

21 August 2008 Does Partnership Firm comes under the above purview or it applies only to individuals?

CA Nallathambi Srinivasan

CA Nallathambi Srinivasan (Expert)
Follow

21 August 2008 As per IT Act, Person Includes, Partnership Firm also. So it applicable to Partnership Firm also.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

R B Pethe

Amit Bhatkar

Devendra Singh Jyala

Nilesh Manek

Konijarala prasad

Subscribe Now

Tax Audit

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA