If my Turnover of sales is Rs.51,00,000/- and other non business receipts (other surces) is Rs.15,00,000/- , whether i have to go for audit or not. if not than plz reffer a case law.
Thankyou
gunjan (student) (62 Points)
14 December 2011If my Turnover of sales is Rs.51,00,000/- and other non business receipts (other surces) is Rs.15,00,000/- , whether i have to go for audit or not. if not than plz reffer a case law.
Thankyou
Amit Mishra
(C A)
(25 Points)
Replied 14 December 2011
Tax audit is applicable Assessee wise and not business wise and Only business income will be considerd and not any other income for applicability of Section 44AB,
hence in your case assessee will not fall u/s 44AB
CA Shraddha (Mcom, CS Exe.)
(Service)
(224 Points)
Replied 14 December 2011
As per the provision of sec. 44AB business income of the assessee is required to be audited and not the income from any other sources which is not his business income.
I attach herewith a citation, kindly refre the same it might help you to solve your question.
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