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Q. > Please Help: 44AD
Dear Sir, Can you please guide me on following issue i.r.o IT.
A new partnership firm has received advance for booking of flat Rs 2lakhs in Mar 12. The Sale side in P&L a/c is nil. All expenses i.r.o Building is in WIP. All other legal, office exp, int to partners etc of Rs 1.8 lakhs debited to P&L i.e loss to that extent in FY 11-12.
Query - As per 44AD whether Tax Audit is to be done as income is less than 8%. (i.e less than 8% *0 = 0)
answered Aug 28, 2012 by CA Satuti Mahajan , batala
As there is no sale in the F.Y. 11-12, so tax audit is not applicable.
answered Aug 28, 2012 by Krishna Chandra Santi , Chennai
Receiving of advance is not an income(turnover), it is just like a liability, as no bills has been raised there. So it doesnt attract provision of tax audit.
Experts Panelist
Comments
Gokulesh
28-Aug-2012 , 02:51:46 pmThanks a lot for your valuable suggestions.