The Assesse is a professional and also engaged in the contracts business
The Professional Receipts comes to 5,00,000 and for Sub Contracts the Gross Receipts is 75,00,000
The ITR is filed showing the profit of 12,00,000 ( > 8% of turnover )
But today the assesse received the notice U/s 271B for the A.Y 2013-14
Books of accounts are not required to be audited as per 44AB ,
How can i substantiate ...??
Can anyone Provide me with case law regarding to this
Sir in your case F.Y is 2012-13 and for above period Tax audit limits u/s.44AB are 60Lakhs for business and 15Lakhs for profession. In your case, gross receipts from sub contract business are above 60Lakhs and not eligible for 44AD and required to comply with provisions u/s.44AB. So you are liable to undergo tax audit u/s.44AB. Hence you receive notice u/s.271B for non compliance of provisions of sec.44AB.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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