04 October 2007
A person is running a health club & fitness center & provides services related to health & fitness training. What is the criteria u/s 44AB of I.T.Act to attract provisions of Tax Audit? Will his annual receipts will be taken into account or any other criteria? The business is of Partnership concern.
04 October 2007
IN CASE OF A BUSINESS,THE LIMIT FOR TAX AUDIT IS RS. FORTY LAKHS (SALES,TURN OVER OR GROSS RECEIPTS IN THE PREVIOUS YEAR), IN CASE OF PROFESSION ,GROSS PROFESSIONAL RECEIPTS OF RS. TEN LAKHS IN THE PREVIOUS YEAR. TAX AUDIT IS IRRESPECTIVE OF TURNOVER FOR A PERSON COVERED UNDER FOLLOWING SECTIONS 44AD,44AE,44AF,44BB,OR 44BBB .(SUCH PRSON CLAIMING THAT PROFITS AND GAINS FROM THE BUSINESS ARE LOWER THAN THOSE COMPUTED UNDER THESE SECTIONS. R.V.RAO
CAclubindia
