Turnover u/s 44AB...
This query is : Resolved
14 August 2010
Dear Experts,
While an assessee sells his land for more than 60 lakhs should we have to do tax audit u/s 44AB.
In other words for the purpose of tax audit whether sales or revenue includes sale of land.
Is there a circular clarificaton or explanation in the Act itself specifying what are considered to be sales or revenue.
Pls. quote the section or case laws or circular nos. so that i shall say in this point with conviction.
With regards,
Rajesh.
While an assessee sells his land for more than 60 lakhs should we have to do tax audit u/s 44AB.
In other words for the purpose of tax audit whether sales or revenue includes sale of land.
Is there a circular clarificaton or explanation in the Act itself specifying what are considered to be sales or revenue.
Pls. quote the section or case laws or circular nos. so that i shall say in this point with conviction.
With regards,
Rajesh.
14 August 2010
Tax Audit is applicable if turnover of BUSINESS exceeds 60 Lacs & turnover does not include sale consideration of a capital asset...
Message likes :
1 times
14 August 2010
AGREE WITH PUNIT JI.
there is no need to mention any case law as section as it is clearly mention in section 44AB Tax Audit is applicable if turnover of BUSINESS exceeds 60 Lacs & turnover does not include sale consideration of a capital asset...
there is no need to mention any case law as section as it is clearly mention in section 44AB Tax Audit is applicable if turnover of BUSINESS exceeds 60 Lacs & turnover does not include sale consideration of a capital asset...
Message likes :
1 times
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
- Gst registered proprietorship firm
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Price inclusive or exclusive of GST while made entry in P& L Account
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- Minimum tax payable to file Updated return
- Change Of Karta In Case of Death
- GST Intimation due to Government took possession of Business Premises under PPE Act
- Tax rate change regarding
- UDIN ISSUE
- TDS on purchase of under construction property from a reseller
- Non filing of I T Returns
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
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
