Voluntary tax audit by client
This query is : Resolved
29 August 2011
1) If the client insists on tax audit voluntarily, i.e, out of precaution u/s 44 AB , the firm is investor in real estate/ plots /lands , the amount invested in lands /plots is more than 6000000/-,and the amount is contributed by the partners.
whether the above audit will be included in the limits specified by ICAI.
2) For inclusion in the Tax audit ambit , if the purchases of client are more than 6000000, but sales are less than 6000000, than whether the tax audit u/s 44AB is applicable ?
and in above point 2, if irrespective of provisions 44AB , client goes for tax audit ,
whether that audit will be covered in the limit of 45 tax audits by ICAI.
whether the above audit will be included in the limits specified by ICAI.
2) For inclusion in the Tax audit ambit , if the purchases of client are more than 6000000, but sales are less than 6000000, than whether the tax audit u/s 44AB is applicable ?
and in above point 2, if irrespective of provisions 44AB , client goes for tax audit ,
whether that audit will be covered in the limit of 45 tax audits by ICAI.
29 August 2011
1) Audit of accounts u/s 44AB can't be done on a precautionary measure because the law doesn't mandate so. Therefore, question of inclusion with in ICAI audit limits becomes redundant.
2) 44AB audit limit is concerned with the turnover /sales/ gross receipts. Threshold limit therein is not connected to purchases.
2) 44AB audit limit is concerned with the turnover /sales/ gross receipts. Threshold limit therein is not connected to purchases.
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