44AB

CA Ankit Gulgulia (Jain) (B.COM (H) FCA CIFRS CBV R-ID (IICA) R. Valuer (IBBI))   (5842 Points)

17 December 2010  

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??