Tax audit & sec 44ad
This query is : Resolved
Guest
Guest
(Querist)
19 September 2011
frist read this line
It is poosible to declare lower income than deemed income & the fowllowing cosequences are applicable
1.Tax payer will have to maintain books of account as per sec 44AA
2.The taxpayer will have to get his books of account audited u/s 44AB(irrespctive of turnover )if his TOTAL income exceeds exemption limit .
i have doubt that for section 44ab turnover is nt a matter to look for it is the TOTAL INCOME. which we hv see n which means income after deduction under chapter VI-A
Pls tell me........
It is poosible to declare lower income than deemed income & the fowllowing cosequences are applicable
1.Tax payer will have to maintain books of account as per sec 44AA
2.The taxpayer will have to get his books of account audited u/s 44AB(irrespctive of turnover )if his TOTAL income exceeds exemption limit .
i have doubt that for section 44ab turnover is nt a matter to look for it is the TOTAL INCOME. which we hv see n which means income after deduction under chapter VI-A
Pls tell me........
Dintakurthi Tirumala
(Expert)
19 September 2011
No; here total income means before deduction of chapter-VIA and all other deductions like carry forward losses set-off etc...
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
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