Tax audit of a club
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 August 2012
Income of a club is exempt on the principles of mutuality. Various case laws are available.
However I would like to know whether tax audit will be applicable on clubs or not.
Section 44AB states that any person carrying out business or profession if his tournover/receipts exceeds the specified limit will be liable to get the tax audit done.
Please guide on the applicabilty of tax audit on clubs.
However I would like to know whether tax audit will be applicable on clubs or not.
Section 44AB states that any person carrying out business or profession if his tournover/receipts exceeds the specified limit will be liable to get the tax audit done.
Please guide on the applicabilty of tax audit on clubs.
Amol S Joglekar
(Expert)
09 August 2012
Assessee is a person from whom tax is due. If your club is not assessee, 44AB does not come into play. (
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