hello
what audit requirements critarea. for aop boi
What type of AOP / BOI it is ?
Is it registered under any law including ITax Act ?
sandeep sharma (1 Points)
16 September 2019
Kapadia Pravin
(17249 Points)
Replied 16 September 2019
Suresh Thiyagarajan
(Student)
(3986 Points)
Replied 16 September 2019
1. As per sec 2(31), AOP or BOI also included in the definition of person and sec 44AB uses the word person for determining the criteria for a tax audit.
2. And very importantly as per Income tax act whether an AOP or BOI will be considered as separate entity whether they are formed, established or incorporated with the object of making income, profits, gains.
3. Hence. T.O limit of Rs.1 crore will equally be applicable for APO and BOI.
Please correct me if the above solution has an alternative view.
sabyasachi mukherjee
(26047 Points)
Replied 17 September 2019
Ritik Chopra
(student)
(8123 Points)
Replied 03 May 2021
As per sec 2(31), AOP or BOI also included in the definition of person and sec 44AB uses the word person for determining the criteria for a tax audit
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