Professional Documents
Culture Documents
Salient Features:-
Not applicable to Company and LLP.
Limit of turnover business wise.
Option of presumptive scheme-business wise.
Audit for that business only which does not opt for
presumptive norms and total income exceeds
taxable limit.
Applicability of TDS provisions.
Total Sales, Turnover or Gross Receipts
Not defined in Sec. 44AB or any other provision of the Act.
Can be interpreted as volume of business, total is for all three expressions.
Sale denotes sale of movable commodity, turnover is receipt from other
trading activities.
Turnover is aggregate amount for which sales effected or services rendered
(as per guidance note of ICAI).
Gross receipt to include all receipts whether in cash or kind from carrying of
business.
Sales, turnover & gross receipts should be determined as per method of
accounting regularly employed.
Transaction in shares is turnover or not will depend whether shares held
Statutory Auditor.
proprietary firm.
CLAUSE 13 - Sub clause (b) & (c) will not apply if cash
(amount not system is followed.
Credited to - Sub clause (a), (d) & (e) will apply
P&L A/c) irrespective of method of accounting.
CLAUSE 14 - Asset wise or block wise depreciation
(Particulars of - Additional depreciation – asset wise
Depreciation) - Block of asset omitted by Finance (No.2)
Act, 2009 from explanation 3 to Sec. 32(1)
- Block of asset as defined in Sec. 2(11) of the Act
-Tangible or intangible asset.