TAX AUDIT SECTION 44AB

Originally posted by : Aditya Maheshwari
	For tax audit u/s 44AB the turnover of the year is to be seen and if turnover for the financial year exceeds Rs. 40 lakhs that year is liable for audit not the next year. Previous year tax audit applicability is to be seen only in case of applicability of liability to deduct TDS and not for tax audit. SO ur second post is wrong.

Use financial year preceding the previous year instead of "previous year".. It's creating confusions.. :) :)

Dear All

Pls read the date of payment of Royalty once again and then confirm if the reply given by learned CAs is right or wrong.

If the date of Payment of Royalty is 25-03-2009 as mentioned above , TDS is applicable.

However if the date of Payment is 25-03-2010 in that case TDS is not applicable.

Pls correct me if I am wrong.

yes CA Kamal Jain u r wrong. Previous year does not mean previous year in literal sense. In this TDS shall not be applicable. Hence Expense is ALLOWABLE even if TDS was not deducted for the expense incurred in fy 8-9.

Pls give  the reference section where it is written.

Dear Friend

I am looking forward for a specimen copy on Tax Auidt Report of Labour Agency

kindly provide me if any one of you have

do send me on my email id

ayush @ simplified.gen.in