TAX AUDIT MEANS

This query is : Open

rajesh (Querist)
Follow

19 September 2009 DEAR SIR/ MADAM

AN ASSESSEE WAS DOING DURING THE YEAR 2008-09 36,00,000 AND HE WAS OFFERED NET PROFIT 61,000 N.P. RATIO IS 1.69 HE IS COVERED UNDER SECTION 44AB OR NOT

TAX AUDIT MEANS ONLY TURNOVER ABOVE 40LAKHS OR TURNOVER ABOVE 40LAKHS BUT N.P. RATIO IS BELOW 5% WHAT IS CORRECT. PLEASE TELL

THANKS IN ADVANCE

Ratan Sharma

Ratan Sharma (Expert)
Follow

19 September 2009 In case of wholesale business if the turnover is Rs. 40 lacs then the audit is mandatory whether you declare the profit or loss is immaterial.
In case of Retail trade if the net income declared is below 5% then the audit u/s. 44AB is compulsory.

Rajeev

Rajeev (Expert)
Follow

20 September 2009 Assuming your client is in retail business , deeming 44AF is attracted , hence 44AB is applicable is NP declared lower than 5%

CA Suresh Choudhary

CA Suresh Choudhary (Expert)
Follow

20 September 2009 agree with experts

rajesh

rajesh (Querist)
Follow

20 September 2009 THANKING YOU EXPERTS

rajesh

rajesh (Querist)
Follow

03 October 2009 THANKING YOU EXPERTS

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

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

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

Jeegar Valera

Dhananjay Patil

Manik Anant Kale

nandeesh mashyal

Vinod Selv

Subscribe Now

TAX AUDIT MEANS

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA