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8/23/2011 (ii) If, in the above case, the hosiery business is carried on by the assessee‘s wife from the funds gifted by the assessee and the income of the business is includible in the income of the assessee under section 64, what will be te position of audit under section 44AB ? (iii) If the assessee is a partner in (a) M/s. A & Co., (Sales Rs. 45 lakhs) (b) M/s. B & Co., (Sales Rs. 48 lakhs) and (c) M/s. D. & Co., (Sales Rs. 40 lakhs) and he has 60% share in each of the above firms, should each of the above firms get its accounts audited under section 44AB ? Should the asseessee who is a partner in the above firms get his personal accounts audited under section 44AB as the aggregate of his share in the turnover of the three firms exceeds Rs. 60 lakhs. 16
8/23/2011 Ans: (i) Even if the assessee carries on business at different places in different names and deals in different commodities, it will be necessary to get the accounts audited if the aggregate amount of sales of all the businesses exceed Rs. 60 lakhs. In the given case the total sales of the three businesses amount to Rs. 77 lakhs Therefore, it will be necessary to get the accounts of all the three concerns belonging to this assessee audited. It may be noted that the emphasis is on the total sales. Therefore, even if the assessee carries on one or more businesses the sales of all the businesses will be taken into consideration. Ans: (ii) If the business is carried on by the wife of the assessee, it cannot be said that it is carried on by the assessee merely because the income from the business is includible in the income of the assessee under section 64. Therefore, the wife of the assessee carrying on hosiery business with turnover of Rs. 22 lakhs will not be required to get the accounts audited under section 44AB. 17
Page 1 and 2: 8/23/2011 ISSUES IN TAX AUDIT U/S.
Page 3 and 4: 8/23/2011 [Audit of accounts of cer
Page 5 and 6: 8/23/2011 Liability of Tax Audit
Page 7 and 8: 8/23/2011 ISSUE NO. 2 In case of sh
Page 9 and 10: 8/23/2011 Issue No. 4 - Derivatives
Page 11 and 12: 8/23/2011 The Authority for Advance
Page 13 and 14: 8/23/2011 The principle to be appli
Page 15: 8/23/2011 (c) However it may be not
Page 19 and 20: 8/23/2011 (ii) In the above case if
Page 21 and 22: 8/23/2011 Ans : In this case, Mr. B
Page 23 and 24: 8/23/2011 This applies to the accou
Page 25 and 26: 8/23/2011 Issue No. 14 - Surrender
Page 27 and 28: 8/23/2011 Ans: The sale of car is n
Page 29 and 30: 8/23/2011 Ans: The words ‗sales
Page 31 and 32: 8/23/2011 Discuss the following iss
Page 33 and 34: 8/23/2011 (b) Rule 6G(a) provides t
Page 35 and 36: 8/23/2011 Issue No. 22 - Revision o
Page 37 and 38: 8/23/2011 (ii) The tax auditor, how
Page 39 and 40: 8/23/2011 The words used in section
Page 41 and 42: 8/23/2011 Special provision for com
Page 43 and 44: 8/23/2011 Explanation.—For the pu
Page 45 and 46: 8/23/2011 The new section 44AD is a
Page 47 and 48: 8/23/2011 Who all are the aseessee
Page 49 and 50: 8/23/2011 How to calculate limit o
Page 51 and 52: 8/23/2011 What is the meaning of No
Page 53 and 54: 8/23/2011 Computation of Taxable Pr
Page 55 and 56: 8/23/2011 Calculation of Capital G
Page 57 and 58: 8/23/2011 section 44AB The assesse
Page 59 and 60: 8/23/2011 AN INDIVIDUAL HAVING FOLL
Page 61 and 62: 8/23/2011 ISSUE - 3 Sachin, a resid
Page 63 and 64: 8/23/2011 Case 1: Cash payment of R
Page 65 and 66: 8/23/2011 ISSUE NO - 9 In case of a
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8/23/2011 In case of a person who i
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8/23/2011 ISSUE NO. - 14 Mr Prem, a
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8/23/2011 PART A Clause (1 to 6) 1
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8/23/2011 ISSUES ON Clause 7: Ans:
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8/23/2011 (iv) When a partner in a
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8/23/2011 Sec 44AA Specified Profes
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8/23/2011 Sec 2(12A) Books or Books
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8/23/2011 While giving the particul
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8/23/2011 Clause 11b. Whether there
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8/23/2011 Clause 12b. Details of de
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8/23/2011 Ans: The significance of
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8/23/2011 Ans: In the first year de
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8/23/2011 During the year after ann
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8/23/2011 Subsequent to the year en
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8/23/2011 Cost of capital asset in
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8/23/2011 b. the proforma credits,
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8/23/2011 Ans : Clause (iv) of sect
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8/23/2011 Issues on Clause -14 It
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8/23/2011 Ans: For the purpose of c
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8/23/2011 Under Explanation 10 to s
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8/23/2011 Clause 16b. Any sum recei
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8/23/2011 Ans: The objective of Sub
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8/23/2011 Thus, we find that from s
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8/23/2011 Clause 17c. Expenditure o
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8/23/2011 Clause 17f. Amounts inadm
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8/23/2011 40(ba) Payment Of Interes
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8/23/2011 Note: The assessee mainta
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8/23/2011 Rule 6DD - Disallowance o
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8/23/2011 ‣ then such payment may
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8/23/2011 Note: No deduction shall
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8/23/2011 Clause 17k. Particulars o
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8/23/2011 iii. an amount equal to o
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8/23/2011 Section 23 of the MSME Ac
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8/23/2011 i. The principal amount
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8/23/2011 If necessary, indicate in
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8/23/2011 Note: Where one or more o
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8/23/2011 Clause 20 :- Any amount o
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8/23/2011 A) Liability pre- existin
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8/23/2011 shall be allowed as deduc
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8/23/2011 Clause 23. Details of any
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8/23/2011 Section 269SS provides th
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8/23/2011 Exemptions from section 2
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8/23/2011 Section 269T Section 269T
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8/23/2011 Clause 24.(c) Whether a c
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8/23/2011 Clause 26. Section-wise d
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8/23/2011 Clause 28(b) In the case
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8/23/2011 Where stock audit has be
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8/23/2011 30. 30.) Whether any cost
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8/23/2011 Issues on Clause -32 Cal
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8/23/2011 “Reasonable cause" Som
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