Qn. During the year in a firm total sales for the previous year amounts to Rs.41 lacs, which includes sale of motor car for Rs.2 lacs. According to the opinion of the partners for that particular previous years there is no requirement of tax audit under 44AB of the income tax act. Whether this is correct or not?
"Have a nice day"
Selvakumar.S
Menu
Tax audit uner 44AB of income tax act
Replies (2)
Hi Friend,
Sale of Fixed Assets or sale of other assets held for Investments will not be part of Turnover for detemining limit us 44AB.
(As per by Narayan Jain stated in "How to Handle Income Tax Problems" book page 398, 14 edition)
Bye
Ravi Kant Teltia, ACS
Sale of Fixed Assets or sale of other assets held for Investments will not be part of Turnover for detemining limit us 44AB.
(As per by Narayan Jain stated in "How to Handle Income Tax Problems" book page 398, 14 edition)
Bye
Ravi Kant Teltia, ACS
Recent Threads
- Sale value - sale deed or AIS
- Deductions under Schedule EI
- Income under section 194R
- Schedule FA A3 csv Example
- RCM ITC reported in Table 4(4) instead of 4(3) in
- TDS on sale of property where consideration is Rs.
- Treatment of intraday profit and fno loss in,ITR
- Regarding Conveyance allowance
- HRA from one employer but not from the other
- Grandparents gifts Rs.5 lakhs to a grandchild - Wh
Related Threads
CAclubindia
