Tax Audit u/s 44AB
This query is : Resolved
04 August 2009
Respected Sir,
My assessee is having IDEA Celluer agency/dealership.The volume of Transaction is over rs. 2 crorer and nature of business is to make payment by DD to the IDEA company in advance,the company give credit of talktime and value voucher. The assessee is also give same treatement to his retail outlate shops.The company made TDS u/s 194H (Commission & Brokerage).Whether the above volume of transaction will considered as Turnover and liable to tax audit u/s 44AB.
My assessee is having IDEA Celluer agency/dealership.The volume of Transaction is over rs. 2 crorer and nature of business is to make payment by DD to the IDEA company in advance,the company give credit of talktime and value voucher. The assessee is also give same treatement to his retail outlate shops.The company made TDS u/s 194H (Commission & Brokerage).Whether the above volume of transaction will considered as Turnover and liable to tax audit u/s 44AB.
04 August 2009
AS PER SECTION 44AB, IF THE TOTAL SALES, TURNOVER OR GROSS RECEIPT IN BUSINESS FOR THE PREVIOUS YEAR (S) RELAVENT TO THE ASSESSEMNT YEAR EXCEED OR EXCEEDS RS.40 LAKHS, THEN IT IS COMPULSORY TO AUDITED BOOKS OF ACCOUNTS. HERE GROSS RECEIPTS ARE MORE THAN 4O LACS.I.E HE IS LIABLE FOR TAX AUDIT U/S 44AB.
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