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Tax_Audit

Tax_Audit

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Published by spchheda4996

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Categories:Types, Business/Law
Published by: spchheda4996 on Sep 09, 2010
Copyright:Attribution Non-commercial

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10/31/2011

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Tax Audit u/s 44 AB 
CA Rajiv Jain 
Faridabad Income Tax Bar 
th 
September 2009 
 
Section 44 AB
Every person--
ca
rrying on businesssh
all,
if his tot
al
s
al
es
,
turnover or gross re
c
eipts
, a
s the
ca
se m
a
y be
,
in businessex
c
eed or ex
c
eedsforty
lak
h rupees in
a
ny previousye
a
r ; or 
ca
rrying on professionsh
all,
if hisgross re
c
eiptsin profession ex
c
eed ten
lak
hrupees in
a
ny previous ye
a
r; or 
ca
rrying on the business sh
all,
if the profits
a
nd g
a
ins from the business
a
redeemed to be the profits
a
nd g
a
ins of su
c
h person under se
c
tion 44AD or se
c
tion 44AE or se
c
tion 44AF or se
c
tion 44BB or se
c
tion 44BBB
, a
s the
ca
sem
a
y be
, a
nd he h
a
s
cla
imed his in
c
ome to be
l
ower th
a
n the profits or g
a
ins sodeemed to be the profits
a
nd g
a
ins of his business
, a
s the
ca
se m
a
y be
,
in
a
nyprevious ye
a
,««.
report by
a
n
acc
ount
a
ntin the form pres
c
ribed under this se
c
tion
.
 
Business
S 2(13):
Business in
cl
udes
a
ny tr 
a
de
, c
ommer 
c
e
,
or m
a
nuf 
ac
ture or 
a
ny
a
dventure or 
c
on
c
ern in the n
a
ture of tr 
a
de
, c
ommer 
c
e or m
a
nuf 
ac
ture
.
T
he word business is one of wide import
a
nd it me
a
ns
ac
tivity
ca
rried on
c
ontinuous
l
y
a
nd system
a
ti
call
y by
a
person by the
a
pp
l
i
ca
tion of his
la
bour or s
k
i
ll
with
a
view to e
a
rn in
c
ome
.T
he expression business does not ne
c
ess
a
ri
l
yme
a
n tr 
a
de or m
a
nuf 
ac
ture on
l
y-
Barendra Prasad Roy v ITO [1981]129 ITR 295 (SC).

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