Please Help: TAX AUDIT
Posted Date : 15-Nov-2013 , 04:27:05 pm | Posted By: VIJESH
Category :
Audit | Answers :
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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 |
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| Posted By : Jimit |
20-Dec-2013, 04:09:03 |
| advance received is not business income |
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| Posted By : Jimit |
20-Dec-2013, 04:08:22 |
| no.when business income exceeds RS 1cr then tax audit is applicable. |
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| Posted By : Jainam Shah |
21-Nov-2013, 01:12:44 |
| yes as receipts cross the 1 crore limit the tax audit should be compulsory. |
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| Posted By : Navdeep Gupta |
18-Nov-2013, 11:52:22 |
| Advance is not income and therefore tax audit is not required. |
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