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8/23/2011 (ii) As stated above, because the commission income of A & Co. is Rs. 20 lakhs and the sales of cloth amount to Rs. 50 lakhs the total turnover and gross receipts of A & Co. will exceed Rs. 60 lakhs and it will be necessary for it to get its accounts audited under section 44AB. Issue No. 11 - Mr. ‗B‘ has received goods worth Rs. 50 lakhs on consignment from P & Co. These goods were sold by Mr. ‗B‘ at Bombay for Rs. 62 lakhs. He has issued his own bills disclosing therein that the goods belong to P & Co. On completion of sales he had rendered accounts sales to P & Co. and remitted the sale proceeds after deducting Rs. 1 lakh being expenses incurred for sales and Rs. 50,000/- being his commission. For sales-tax purposes, he is required to record the above sales in his sales records. Should Mr. ‗B‘ get his accounts audited under section 44 AB ? 20
8/23/2011 Ans : In this case, Mr. B is acting as consignment agent for P & Co. The sales made by Mr. B at Bombay for Rs. 62 lakhs are made on behalf of P & Co. These sales cannot be considered as sales of Mr. B. He is only entitled to his commission of Rs. 50,000/- which will form part of his gross receipts. Therefore, Mr. B. will not be required to get his accounts audited under section 44 AB if his total sales and gross receipts including commission income of Rs. 50,000/- does not exceed Rs. 60 lakhs. Issue No. 12 - Sankhla industries is engaged in the manufacture of electrical goods. The total sales / turnover exceeds Rs. 60 lakhs. It owns the following industrial units. (i) Enterprise engaged in infrastructure development deduction available under section 80IA. (ii) Industrial Unit in a backward are – deduction under section 80IB. If the assessee gets its accounts audited under section 44AB, is it necessary to get separate audit reports under section 80IA(7) and 80IB(13) read with 80IA(7)? In case audit is conducted under section 80IA (7) and / or 80IB (13) read with section 80IA(7) which form should be used, Form No. 3CA or 3CB. 21
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 and 16: 8/23/2011 (c) However it may be not
Page 17 and 18: 8/23/2011 Ans: (i) Even if the asse
Page 19: 8/23/2011 (ii) In the above case if
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
Page 67 and 68: 8/23/2011 In case of a person who i
Page 69 and 70: 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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