TAX AUDIT APPLICABLE OR NOT
This query is : Resolved
14 March 2009
A COURIOR COMPANY HAVING GROSS RECEIPTS FOR THE F.Y 2008-2009 IS RS.15,00,000/- AND TDS DEDUCTED BY THE CUSTOMERS OF THE COMPANY IS RS. 40000/-. WHETHER TAX AUDIT U/S 44AB IS REQUIRED OR NOT?
14 March 2009
Dear Santosh,
In case of business 44AB is applicable when turnover exceeds 40 lac, so here no question for Tax Audit.
In case of business 44AB is applicable when turnover exceeds 40 lac, so here no question for Tax Audit.
14 March 2009
Tax Audit not applicable as the limit is 40 lacs for turnove to exceed.
15 March 2009
NOT APPLICABLE.IT SEEMS YOU ARE GETTING CONFUSED BY THE GROSS RECEIPT CONCEPT, BUT IT IS FOR PROFESSIONALS & COURIER COMPANY DOEN NOT QUALIFY UNDER THAT CATEGORY, BUT IT IS CLASSED AS BUSINESS. SO LIMIT 40 LKHS
FOR 44AB
AMOUNT OF TDS BY CUSTOMERS HAS NO RELEVANCE
FOR 44AB
AMOUNT OF TDS BY CUSTOMERS HAS NO RELEVANCE
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