Taxation
This query is : Resolved
11 September 2013
Please refer to icai guidence note on tax audit 44AB
https://220.227.161.86/230announ1178.pdf
https://220.227.161.86/230announ1178.pdf
11 September 2013
Please find attached for procedure to upload tax audit report
https://icaiahmedabad.com/PPT-Reg-n-E-File-Process-CA-Kuntal-Shah.pdf
https://icaiahmedabad.com/PPT-Reg-n-E-File-Process-CA-Kuntal-Shah.pdf
11 September 2013
Pls specify your query.
11 September 2013
Sec. 44AB: Audit of accounts of certain persons carrying on business or profession
Every person:
carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds forty lakh rupees in any previous year, or
carrying on profession shall, if his gross receipts in profession exceed ten lakh rupees in any previous year; or
carrying on the business shall, if the profits and gains from the business are deemed to be the profits and gains of such person under section 44AD or section 44AE or section 44AF or section 44BB or section 44BBB, as the case may be, and he has claimed his income to be lower than the profits or gains so deemed to be the profits and gains of his business, as the case may be, in any previous year, SHALL
get his accounts of such previous year audited by an accountant before the specified date, and
furnish by that date the report of such audit in the prescribed form duly signed and verified by such accountant and setting forth such particulars as may be prescribed:
This section shall not apply to the person,
who derives income of the nature referred to in section 44B or section 44BBA or on and from the 1st day of April, 1985 or, as the case may be, the date on which the relevant section came into force, whichever is later:
where such person is required by or under any other law to get his accounts audited it shall be sufficient compliance with the provisions of this section if such person gets the accounts of such business or profession audited under such law before the specified date and furnishes by that date the report of the audit as required under such other law and a further report in the form prescribed under this section.
Every person:
carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds forty lakh rupees in any previous year, or
carrying on profession shall, if his gross receipts in profession exceed ten lakh rupees in any previous year; or
carrying on the business shall, if the profits and gains from the business are deemed to be the profits and gains of such person under section 44AD or section 44AE or section 44AF or section 44BB or section 44BBB, as the case may be, and he has claimed his income to be lower than the profits or gains so deemed to be the profits and gains of his business, as the case may be, in any previous year, SHALL
get his accounts of such previous year audited by an accountant before the specified date, and
furnish by that date the report of such audit in the prescribed form duly signed and verified by such accountant and setting forth such particulars as may be prescribed:
This section shall not apply to the person,
who derives income of the nature referred to in section 44B or section 44BBA or on and from the 1st day of April, 1985 or, as the case may be, the date on which the relevant section came into force, whichever is later:
where such person is required by or under any other law to get his accounts audited it shall be sufficient compliance with the provisions of this section if such person gets the accounts of such business or profession audited under such law before the specified date and furnishes by that date the report of the audit as required under such other law and a further report in the form prescribed under this section.
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11 September 2013
Income on which tax is payable:
8% of the gross receipts paid or payable to the assessee in the previous year on account of such business Deemed Income,
OR
A sum declared by the assessee in his return of income,
whichever is higher, shall be deemed to be the profits and gains of such business chargeable to tax under the head Profits and gains of business or profession notwithstanding anything to the contrary contained in sections 28 to 43C.
Exception
An assessee may claim lower profits and gains than the profits and gains if he keeps and maintains such books of account and other documents as required by section 44AA and gets his accounts audited and furnishes a report of such audit as required under section 44AB.
8% of the gross receipts paid or payable to the assessee in the previous year on account of such business Deemed Income,
OR
A sum declared by the assessee in his return of income,
whichever is higher, shall be deemed to be the profits and gains of such business chargeable to tax under the head Profits and gains of business or profession notwithstanding anything to the contrary contained in sections 28 to 43C.
Exception
An assessee may claim lower profits and gains than the profits and gains if he keeps and maintains such books of account and other documents as required by section 44AA and gets his accounts audited and furnishes a report of such audit as required under section 44AB.
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