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?
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Selvakumar.S
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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
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