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Turnover for the tax audit


Dixit (CA Final)     10 November 2011

Dixit
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Respected Sir,

                    If sales of the firm is less than 60 lacks & Purchase is more than 60 lcks then tax audit do or not?

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Pallav Singhania (❤ Work Hard Party Harder ❤)     10 November 2011

Pallav Singhania
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I think regarding sec 44AB..if ur turnover doesn't exceed 60 lacs but the margin of profit exceed the....rate given...then its required....

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valji (Accounts manager-MBA)     10 November 2011

valji
Accounts manager-MBA 
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agreee with above limit is rs 60 lakhs

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Mary Asha (asharockz7@gmail.com)     11 November 2011

Mary Asha
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Sec 44AB talks only about sales.. And in no where the purchase amount will be linked here.. Because ultimately we are trying to find the income of the business.. Which we get through sales.. And if the sales amount does not exceed 60lacs.. Then section 44AB will not attract...

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Surendra Agarwal (MANAGER FINANCE AND BUSINESS PLANNIN)     11 November 2011

Surendra Agarwal
MANAGER FINANCE AND BUSINESS PLANNIN 
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Yes audit u/s 44 ab required if turnover exceeds rs 60 lac(either of sale or purchase) refer guidance note issued by icai for tax audit

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Dixit (CA Final)     11 November 2011

Dixit
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Thx all of u

Dixit (CA Final)     11 November 2011

Dixit
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please provide some useful link

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ashish gupta ( student)     11 November 2011

ashish gupta
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turnover only includes sales and other income from the business. But when your purchases are more than sales and income than you will be incurring loss and in that case audit is compulsory to claim that loss

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ashish gupta ( student)     11 November 2011

ashish gupta
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@ surender Can you please provide the link of that guidance note

Dixit (CA Final)     11 November 2011

Dixit
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thx all of u but please provide link for this guidence note of ICAI


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