44AB

thanks Ankit for your sharing.

No need to get its accounts audited.

Devendra! Can you be a little Specific, pursuance to Some Citations since this matter has Already been Subject Matter of Many Appeals. Thank You

agree with shikha...........

No need to audit.

no need

Originally posted by : Ankit Gulgulia
	Facts of the case Company Has Business Income of Less than 40Lacs but income From Capital Gains is more than 5 Crores . Relevant Provisions Referred: As per S.44AB(1)(a)   48Every person,—           (a)  carrying on busine`ss 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 49[***]; get his accounts of such previous year 53[***] audited by an accountant before the specified date and 54[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 : Query Whether 44AB Applied??

No need to audit bro..!!

no need to get accounts audited!!!!!!!!!!!

NO NEED TO GET ACCOUNTS AUDITED U/S 44AB

Originally posted by : Shikha Sharma
	Section 44AB comes under Chapter IV - D of the Act and capital gains under chapter IV - E. Therefore no audit is required in this case.

AGREE

Agree with the above

01  Your business Turnover is less than the prescribed limit of Rs 40,00 lakhs

02  Capital Gain is not a business income and not a part of P&L a/c

03 CG is assessed as per the provisions of  sec 45-55

04 CG does not a business receipt and hence it differs from Business INCOME

Hence No to Sec 44AB vis a via Audit  under that Sec

With regards

N GANESHAN