Hi All,
Is Tax audit while filing ITR mandatory for a proprietor whose turnover exceeds 1 Cr and his entire income is exempted under section 10(26) of the IT Act? Please help !
Much Thanks !
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Tax Audit required or not?
Replies (3)
Yes, being business income, there is no exemption u/s. 44AB of the act...
Thanks for your help Sir !!
Since entire income is Exempt under section 10(26) , income is not forming part of computation under the head - business income ,
there is no requirement of tax audit under 44AB.
No sir , no tax audit 44AB required.
Income had bee defined in section 2(24) and business income as income chargeable under 28 which is Nil under this case. So 44AB doesn't apply.
there is no requirement of tax audit under 44AB.
No sir , no tax audit 44AB required.
Income had bee defined in section 2(24) and business income as income chargeable under 28 which is Nil under this case. So 44AB doesn't apply.
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