Tax Audit u/s 44AB
This query is : Resolved
21 April 2009
If total purchases of any firm exceed Rs. 40 Lacs and sales is less than 40 lacs Is tax audit required?
21 April 2009
yes.
21 April 2009
No, it is Sales which is to be reckoned for the purpose of knowing the applicability of section 44AB.
21 April 2009
No Tax Audit is not applicable. Defination of T/O is clearly mentioned as T/O of sales, No mention is made regarding Purchases So Purchase exceeding 40 LKHS does not make applicability for Tax Audit
21 April 2009
No
21 April 2009
Mr chanderkant is right, u/s 44AB only tells about turnover means sales not for purchases. so you are out of that.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Under construction property in ITR
- Scrutiny and reopening of past returns
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- Building tax payment deduction in rental Income
- F & O PROFIT REPORTING FOR AY 2026-27
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
