a person having a business. his business turnover is 38 lakh during the year.his minor income is rs 10 lakh. which is to be clubbed in his hand.whether that person has to submit tax audit report u/s 44 AB. what is his tax liablity ...................................
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section 44 AB tax audit
Replies (10)
Tax Audit is required only when gross receipts from business exceeds Rs. 40 lacs.
I think this has to be seen before clubbing provisions.
The limit of Rs. 40 Lacs is to be seen only from the receipts from the business. The clubbing provisions will not effect the total receipts from the business.
No
Sec 44AB is not applicable.
Hey it is not applicable just calculate on the gross receipts .
Rs.100000 or 1% of goss receipts whichever is lower...........................
no........tax audit.........
no tax audit is not required in dis case.
NO NEED OF SUBMIT TAX AUDIT REPORT U/S 44AB, TAX AUDIT REPORT IS SUBMITTED WHEN GROSS INCOME OF BUSSINESS IS 40 LACS OR ABOVE. MINOR INCOME IS CLUBBED BUT THEIR IS NO NEED SUBMIT TAX AUDIT REPORT
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