In case of a trader in jewellery will the turnover for the purpose of 44 AB include any labour charges received by him for making/ designing jewellery apart from income from sale of jewellery
In case of a trader in jewellery will the turnover for the purpose of 44 AB include any labour charges received by him for making/ designing jewellery apart from income from sale of jewellery
Both sale of jewellery as well as labour charges received will be considered as turnover i. e. both are to be added for computing turnover.
Further it has been decided as under
Applying the monetary limit - Receipts of assessee by way of sale or trading business and receipts for doing job work can be clubbed for finding out whether limit of Rs. 40 lakhs prescribed for attracting provisions of section 44AB is made out - Bajrang Oil Mills v. ITO [2007] 163 Taxman 154/295 ITR 314 (Raj.).
RS 40 LACKS IS TOTAL LIMIT
which is uptil AY 09-10..... from10-11 it is 60 lakhs my dear friend ..
If you read the finance bill...it is quite clear that the increase in the limit for the purpose of Sec 44AB is from AY 11-12 onwards... To that extent your reply stands corrected Dhawal...
Dear Jigar Sir,
I appreciate your comment, but please kindly recheck on the same. If it was for AY 11-12 then might as well they would nt have announced it in this budget.
The turnover limit for the purpose of section 44AB F. Y. 2009 - 10 relevant to A. Y. 2010 - 11 is Rs. 40 lakhs and for F. Y. 2010 - 11 relevant to A. Y. 2011 - 12 as proposed in the finance bill is Rs. 60 lakhs
Dear Jigar Sir,
I apologise for the negligence. It is from AY 11-12 as u had confirmed.
All,
I apologise for imparting the incorrect info.
Hey Dhawal... I agree with wht Aditya has to say....The limit for 44AB is proposed to be increased w.e.f 1st Aril 2011 meaining thereby FY 10-11 and not AY 10-11...
Hope this clarifies your doubt!!
Hey Dhawal... I agree with wht Aditya has to say....The limit for 44AB is proposed to be increased w.e.f 1st Aril 2011 meaining thereby FY 10-11 and not AY 10-11...
Hope this clarifies your doubt!!
UPTO AY 2010-11 40 Lakhs
From AY 2011-12 onwards 60 Lakhs
I think we lost the point that was to be discussed that what will constitute as turnover and not what is the limit of turnover for tax audit
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