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labour charges received covered incometax act 44 ab?
dear sir,
the businees man carrying the business for manufacturing & labour charges work, the accounting year his sales value is rs.20 lach & the labour charges for rs.30 lach
so they have to liable tax audit?
Replies (3)
Absolutely yes. The act clearly says that the gross receipts exceeding 40 lacs, then the person is subjected to tax audit
Section 44AB defines separate Limit for Business(60lakh) and Profession(15Lakhs.
So you are not crossing the limit of Rs 60 Lac.
So as per my views you are not liable for TAX AUDIT.
Agree with Deepak, your turnover comes to 50L only, no question of Tax audit.
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