Tax audit applicability
This query is : Resolved
28 May 2018
Dear Sir,
Our Company Phare Financial Pvt. Ltd.(NBFC) having total turnover of Rs. 135 lacs for the FY 2016-17 & 148 lacs for the FY 2017-18 needs to get its books audited u/s 44AB of the Act as turnover has exceeded Rs. 1 crore. The all income as Divided income from Mutual Fund & Listed Company which is exempt u/s 10.
The company assessee can't avail benefit u/s 44AD of the Act.
In above case the Tax Audits under section 44AB is applicable or not.
Please provide your reply in above matters .
NK
Our Company Phare Financial Pvt. Ltd.(NBFC) having total turnover of Rs. 135 lacs for the FY 2016-17 & 148 lacs for the FY 2017-18 needs to get its books audited u/s 44AB of the Act as turnover has exceeded Rs. 1 crore. The all income as Divided income from Mutual Fund & Listed Company which is exempt u/s 10.
The company assessee can't avail benefit u/s 44AD of the Act.
In above case the Tax Audits under section 44AB is applicable or not.
Please provide your reply in above matters .
NK
29 May 2018
Tax audit is applicable since gross receipts has crossed the threshold limit.
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
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- RELATED TO TRIBUNAL APPEAL
- IS AUDIT MANDATORY IF COMMISSION INCOME IS MORE THAN 50 LAKH
- Sec 44ada applicable only or both
- EMI ISSUE IN HOUSING LOAN OLD REGIME
- TODAY INCOME TAX SITE IS NOT WORKING ANY OFFICIAL EXTENSION
- GST Rate for Catering Services
- Can we choose not to report losses in ITR3 if they cannot be carried forward?
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
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
