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critieria for tax audit

Tax queries 1510 views 5 replies
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Chartered Accountant
76 Points Posted on 27 October 2007

If a person carrying on finance business what is the critieria for deciding whether tax audit is applicable or not.

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On 27 October 2007 at 08:39 Report
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Chartered Accountant
36 Points Posted on 27 October 2007
chek about ur interest income recd. do not consider on the basis of loans given
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On 27 October 2007 at 14:52
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chartered accountants
121 Points Posted on 27 October 2007
as per my opinion, check turnover of the business and the defination of turnover shows that the amount financed & instalments received. you are the professional persons, so don't give any opinion which reflect the confusion.
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On 27 October 2007 at 20:59
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ca
70 Points Posted on 17 November 2007
Hi asshish i am agree with the opinion given byMr. Amit Jain and for the purpose of section 44 AB the interest income recived or accrued on the basis of accouinting [policy follwed by assessee will considered as Turnover and not the loans/ deposit given
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On 17 November 2007 at 17:59
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Chartered Accountant
119 Points Posted on 17 November 2007
mr. amit is right
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On 17 November 2007 at 19:43
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C.A.
2916 Points Posted on 18 November 2007
In my opinion, total amount of loan recoverable / recovered (as the case may be considering the accounting system) during the year should be treated as tunover for the purpose of section 44AB.
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On 18 November 2007 at 08:31


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