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.
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