Please Help: TAX AUDIT
Posted Date : 15-Nov-2013 , 04:27:05 pm | Posted By VIJESH
Assesse is Limited comapny.It is an Integrated Textile Park having 86 members.Each member is alloted a specific area of the park.At present it is receiving advance from members.In the FY 2013-14,the amount received will be more than one crore. Does the assesse require tax audit conducted U/S 44AB
Category : Audit | Answers : 0 | Comments : 4 | Hits : 294
Answers
Comments
Navdeep Gupta
18-Nov-2013 , 11:52:22 amAdvance is not income and therefore tax audit is not required.
Jainam Shah
21-Nov-2013 , 01:12:44 pmyes as receipts cross the 1 crore limit the tax audit should be compulsory.
jimit
20-Dec-2013 , 04:08:22 pmno.when business income exceeds RS 1cr then tax audit is applicable.
jimit
20-Dec-2013 , 04:09:03 pmadvance received is not business income