Tax audit limit

This query is : Resolved

Sagar (Querist)
Follow

27 July 2012 My client is having a sales turnover of Rs. 20 Lacs and purchases turnover of Rs. 15 Lacs. But apart from the above during the financial year my client has purchased the machinery of worth Rs. 250 Lacs. Therefore I want to know whether he is liable for Tax audit or not? As due to depreciation he is having loss return and therefore I want to confirm the due date of filing of return.

Mohit Naithani

Mohit Naithani (Expert)
Follow

27 July 2012 He is not cover under Sec 44AB for Compulsory Audit. the limit is Rs 6000000 for A.Y. 12-13 and Rs 10000000 (1 Crore) for A.Y. 13-14 onwards.

Sagar

Sagar (Querist)
Follow

27 July 2012 Sir, Thanks for the guidance. But as my client has purchased machinery of worth Rs. 250 Lacs, still is he not covered under section 44AB?

Mohit Naithani

Mohit Naithani (Expert)
Follow

27 July 2012 Purchase of Machinery is not cover under this act hence even after purchase of such machinery of Rs 250 Lakhs Assessee is not liable for compulsory Audit...

Guest

Guest (Expert)

27 July 2012 Agree with expert.

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

K.M. AGGARWAL

C G K MURTHY

Ishwar Radhakisan Tawani

Vinod Dharwarkar

manojkumarkk

Subscribe Now

Tax audit limit

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANCY

CA Final

Manager- Finance and Compliance

GST CONSULTANT

Accountant

Article Assistant