44ab

News

Exemption for audit of accounts u/s 44AB increased to Rs 2 crore


The existing provision of section 44AB of the Act inter alia provides that every person carrying on the business is required to get his accounts audited if the total sales turnover or gross receipts in the previous year exceeds one crore rupees The threshold limit for applicability of presumptive ta

Reporting Cash Transactions under Rule 114E of IT Rules, 1962


Rule 114E of Income Tax Rules 1962 for furnishing Statement of Financial Transactions SFT came into force with effect from 1st April 2016 Any person who is liable for audit under section 44AB of the Income Tax Act 1961 is required to furnish a statement in respect of transaction at serial no 11 of R

CBDT clarifies due date extension also applicable to Accounts audited under sec 44AB


F No 225 195 2016 ITA II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block New Delhi Dated the 14th of September 2016 Clarification req u s 119 of the Income tax Act 1961 dated 9th September 2016 Central Board of Direct Taxes vide order u s 119 o

Clarification regarding threshold Limit of tax audit under section 44AB and 44AD


Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi the 20th June 2016 Sub Threshold Limit of tax audit under section 44AB and section 44AD clarification regarding Section 44AB of the Income tax Act the Act makes it obligatory for every person carryi

CBDT extends ITR Due date to 30.11.2014


F No 153 53 2014 TPL Pt I GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES North Block TPL Division New Delhi the 26th September 2014 Order under section 119 of the Income tax Act 1961 Section 44AB of the Income tax Act 1961 the Act read with rule 6G ofthe

More News



Experts Opinions

Audit u/s 44ab


Partnership firm of Architect Engineers maintain books of accounts but shows net profit less than 8 Does it audit u s 44AB

44AD & 44AB


Dear sir madam An electrical engineer have income from profession and doing work contracts in this case he can file return for professional receipts under section 44ADA and business income under section 44AD

SECTION 44AA & 44AB & 44AD


Can anyone provide detail provisions of the 44AA 44AB 44AD OF INCOME TAX ACT

44ab and 44ad


DEAR EXPERTS A PERSON CARRYING ON A BUSINEES TURNOVER OF RS 40 LAKHS OPTS FOR 44AD AND FILES RETURN IS THE PERSON REQUIRED TO MAINTAIN BOOKS OF ACCOUNTS U S 44A

Section 44ab r/w section 44ad


Respect Sir What if a partnership firm non LLP being eligible assesse having turnover less than 2 crore with profit before allowing partner s interest and remuneration more than 8 percent but after allowing partner s interest and remuneration as per section 44 b profit falls below 8 percent whether

Discussion

44AB audit and Penalty

i have turnover less than 2 crores and i want to declare profit less than 6 8 as applicable as per 44 whether 271B applicable in case I failure to get my accounts audited also i have a taxable income

Audit under 44ab

A cooperative society has gross receipts of Rs 92 lacs in FY 2016 17 It was being audited u s 44AB in earlier years as its gross receipts were above Rs 1 crore Kindly advise will this cooperative society will require audit under income tax act The society has been claimingdeduction u s 80P on its in

Audit under 44AB

Can you please tell me which section says that if we declare less than 8 we have to get books of accounts audited for the FY 2016 17

Gross receipts for tax audit u/s 44ab

Please clarify that whether gross receipts for turn over purpose u s 44 ab includes bad debts written off of the previous year debtors

44ADA & 44AB applicability

professional income is 600000 other source 200000 Can he opt for ITR 3 Is the audit applicable

More Messages






File Download


More Files

Articles

Tax Audit (Sec 44AB) limit for Business is 1 Crore or 2 Crore?


What is Audit Audit means an inspection of books of accounts by some officials or some specified persons for the purpose of establishing the fact that the accounting records present a true and fair view Types of Audit There are two types of audit namely Statutory audit and Tax audit What is Statutor


Is there a need to apply Fuzzy Logic in sec 44AB?


Sec 44AA of the Income tax Act stipulates about the compulsory maintenance of Accounts by Certain persons carrying on business or profession and return their income under the head Profits Gains of Business or Profession What is the limit up to which no requirement for maintenance of books of account


Understanding of 44AB -Tax Audit


Introduction The main objects of any audit are a To certify to the correctness of the financial position as to shown in the Balance sheet and the accompanying revenue statements b The detection of errors c The detection of fraud The detection of fraud is generally regarded as being of primary import


Some lights on sec 44AA, 44AB, 44AD


44AA MAINTENANCE OF BOOKS OF ACCOUNTS WHO SHOULD MAINTAIN a If a person carrying on business profession and income from such business profession has exceeded 1 20 000 in any of the three p y or current p y for newly set up business b If turnover gross receipts has exceeded Rs 10 lacks in any of the


Audit under section 44AB


I have discussed the various provisions with respect to section 44 AB below The following persons are liable to get their books of accounts audited compulsorily by a Chartered Accountant 1 A person carrying on business if the total sales turnover or gross receipts from the business in the previous y


More Articles

Related Terms :


Updated on : 9/15/2017 9:29:08 AM



CCI online coaching GST course




CCI Jobs

×
close x
Download GST App    |    x