Whether Audit is required
This query is : Resolved
09 August 2008
One of my client is contractor, his previous year Gross Billing was Rs. 45 Lacs but actual cash receipt is below Rs.40 lacs . TDS was also deducted on Rs. 45 Lacs.Whether return can be filed on cash basis as the balance receivable amount is disputed, may be received or may not be or audit is required.
and if audit is required what is the remedy for disputed amount.
please reply with accounting standard.
This is the first year of business.
and if audit is required what is the remedy for disputed amount.
please reply with accounting standard.
This is the first year of business.
09 August 2008
Audit is required U/s 44AB of Income Tax Act.
09 August 2008
if you are maintain cash basis followed continuslly & prove it the books are maintain on cash basis then tax audit should not be apply you will follow icai's guidance note regarding this matter
09 August 2008
Yes I agree with mr.Dewani.
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
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- 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
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
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
