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
- STCG....................................................
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Treatment of Pension ?annuity returns on PMVY
- TAN for Partnership
- Loan by Partnership Firm
- TDS related Query_Liquidated Damages
- CA IPCC Registeration in 2012, Is my registration Active or Expired
- Specified Profession
- STCG FOR GOLD ETFs
- Soyabean hsn code and gst rate
- NON- SUBMISSION OF LLP FORM 3
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
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
