Tax Audit Applicability
This query is : Resolved
27 July 2009
Dear All,
Please guide me in following case:
An individual assessee who is professional has net receipts excluding service tax Rs.983340/- & service tax amount Rs.83,225/- so gross receipts is Rs.10,66,565/-
Whether in the above case tax audit u/s 44AB will be applicable or not?
Please guide me in following case:
An individual assessee who is professional has net receipts excluding service tax Rs.983340/- & service tax amount Rs.83,225/- so gross receipts is Rs.10,66,565/-
Whether in the above case tax audit u/s 44AB will be applicable or not?
02 August 2009
As per the sec 44AB, the person is required to get his accounts audited if the gross recepits from his profession exceeds Rs 10 Lac .
The section is silent as to whether any tax , cess , duty collected, is to be excluded from the said ceiling limit or not.
If that had been the case it would have been specifically mentioned there as to which amount has to be excluded from the same.
In the absence of the same , it is assumed to include all the recepits of the profession to calculate the celing limit of Rs 10 Lac.
In view of the same , the service tax will also have to be considered while calculating the limit for Tax Audit.
Hence in this case Tax Audit will be applicable.
The section is silent as to whether any tax , cess , duty collected, is to be excluded from the said ceiling limit or not.
If that had been the case it would have been specifically mentioned there as to which amount has to be excluded from the same.
In the absence of the same , it is assumed to include all the recepits of the profession to calculate the celing limit of Rs 10 Lac.
In view of the same , the service tax will also have to be considered while calculating the limit for Tax Audit.
Hence in this case Tax Audit will be applicable.
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