Section: 44AB
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Audit of accounts – Business – Profession – Limit of F & O transactions for tax audit
The Guidance Note on Tax Audit under section 44AB of the Income-tax Act, 1961 states that in case of Derivatives, Futurer and options the difference between total favourable and unfavorable is to be considered as turnover for the purpose of deciding the limit under section 44AB of the Act.
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Presumptive taxation- Profits & gains of business on presumptive basis
The presumptive scheme of taxation has been introduced for sparing the small assessee from need for compulsory maintenance of accounts u/s. 44AA and tax audit under section 44AB.
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Audit of accounts – Business – Profession -Tax Audit u/s. 44AD r.w.s. 44AB
From the above stated fact, it is clear that during the financial year 2016-17, a firm has incurred loss of Rs. 10,000/-, however, its turnover is less than Rs. 1/- crore, so a firm is eligible assessee under section 44AD of the Act.
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Whether Radiology And Pathology Operated By Doctor Is Business Or Profession?
S. 2(13) of the Income-tax Act, 1961 defines ‘business’ which includes any trade, commerce or manufacture or any adventure or concern in the nature of trade, commerce or manufacture. The word ‘business’ is one of wide import and it means activity carried on continuously and systematically by a person by the application of his labour or skill with a view to earning an income.
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What Is The Limit Of Turnover For Stamp Vendor U/s. 44AB?
Section 44AB reads as “every person carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds sixty lakh rupees in any previous year”. Thus, the section refers only to credit side of Profit & Loss account
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How TO Calculate Limit Of Turnover In A Person Is Carrying Out Business And Profession?
No, as Mr. P’s gross receipts from the profession are less than Rs. 25/- lakhs. As per Guidance Note on Tax Audit under section 44AB of the Income-tax Act, 1961 issued by
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How To Calculate Limit Of Turnover In Case Of F & O Transactions Or Speculative Transactions?
The Guidance Note on Tax Audit under section 44AB of the Income-tax Act, 1961 states that in case of Derivatives, Futurer and options the difference between total favourable and unfavorable is to be considered as turnover for the purpose of deciding the limit under section 44AB of the Act.