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 !
3 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(196272 Points)
Replied 16 November 2019
Yes, being business income, there is no exemption u/s. 44AB of the act...
Kapadia Pravin
(17264 Points)
Replied 22 November 2019
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.
Recent Topics
- Interest u/s 234B & 234C charged despite being
- Deduction for leave encashment 10AA
- Inadvertently filled and filed Form 10-IEA like la
- Delivery challan e-way bill
- LTCG Section (B1-B12) for RSU Sale after Jul/24
- Regarding Hackathon Prize W-8BEN India-US Tax Trea
- Digital1234
- Unable to claim Deduction in ITR 2 u/s 80 CCD(2)
- FDI-FEMA-Interest on Loan to Mauritius based wholl
- GSTR-4 Return in composition scheme
Related Threads
Trending Online Classes
-
Input Tax Credit, GST refunds and Recovery of refunds- Roadblocks and way outs
CA Nipun Arora03 September 2025 -
GST LIVE Certification Course - 43rd Weekdays Batch(With Govt Certificate)
Industry Expert15 September 2025
CAclubindia
