44AB

NO AUDIT REQUIRED, IN YOUR CASE. AS ALSO I WOULD ADD AN AMENDMENT OF 44AB. FOR AY 2011 - 12 T/O LIMIT IS 60 LKHS & NOT 40 LKHS

Dear R.Suresh Shrinivasan

The Learned AO of Concerned Company has Raised Penalty for Non Compliance of 44AB u/s 271B. If He Can make such an order,I Don't Think that i have asked a Below Par Query.. But Personally I Treat Query as a thorn in the Flesh , The Quicker You Remove it the Better it is ! Irrespective of the Level of Query (Remeber KBC Promo " Koi Sawaal Chotta Nahi Hota")! More Importantly I Believe We are Here to share and Grow and not to judge Other's Competency.

Thanks

(Share to Grow)

Regards

Ankit

No need

An individual who has income from different sources including income from business is not liable to have his income, other than business income, audited under section 44AB of the IT ACT. Ghai Construction V. State of Maharashtra (2009) 184 Taxman 52.

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??

Read the highlighted part & u'l get ur answer urself man.....

no need to audit...

Thanks Varun , This is The Reply i was Waiting for .

no need to audit

No need for audit even if capital gain is above limit......