HI ,
WE ARE IN THE BUSINESS OF TRANSPORTAION AND WE HAVE LESS THEN 10 VECHICLE BUT MY QUESTION IS OUR GROSS RECEIPT ARE IN LAST YEAR ENDING 31/03/02008. AROUND 80 LACS DOES WE REQUIRE TO GET ARE ACCOUNTS AUDITED OR WE CAN FILE ARE RETURN U/S 44 AE WITHOUT AUDITING '
PLEASE ITS URGENT .
WITH REGARD
I m not sure but if ur Gross Receipt is exceed by 40 lakhs u havo to go for Audit
Under sec 44AE :-- provision of sec 44AA & 44AB shall not apply in so far as they relate to the business referred to in this section and in computing the monetary limits under those section, the gross receipts,or as the case may be, the income from the said business shall be excluded.
Hi,
In my view, If a assessee declared income u/sec 44AE i.e. Rs. 3500.00 p.m. for every truck owned by him, then the assessee is not required to get his accounts audited even if the gross receipts from plying of truck exceeds Rs. 40.00 Lacs.
ca dinesh singhal
CAclubindia
