Tax Audit u/s 44AB
This query is : Resolved
Hardik Sarvaiya
(Querist)
13 October 2010
If Purchases are above Rs. 100 Lakhs and Sales are less then Rs. 40 Lakhs in F.Y. 2009-10, is proprietory firm liabile for tax audit u/s 44AB or VAT Audit.
13 October 2010
Not liable for Tax Audit
Hardik Sarvaiya
(Querist)
13 October 2010
sir,
any circular or notification or case law is there for the same.
any circular or notification or case law is there for the same.
CA Navin Jain
(Expert)
13 October 2010
there is no need to any circular or notification since sec 44AB is applicable on turnover not purchase
Hardik Sarvaiya
(Querist)
13 October 2010
thank you sir..
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