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8/23/2011 b) In cases of businesses in manufacturing / trading sector-i.e. businesses which have ―turnover‖ / ‗sales‖ – The following steps are necessary: 1. Determine ―Sales‘ / Turnover‘ as per the method of accounting regularly employed by the assessee – (Cash or mercantile system) and excluding sales tax / duty / other taxes. 2. Determine gross receipts- i.e. total amounts received (including advances) which have profit – making quality about them (as per Tribunal‘s decision above). 3. If ―Sales‖ or ―Turnover‖ or ―Gross receipts‖ exceed Rs. 60 Lakhs, tax audit is applicable. c) If there is no sales / turnover / work done or completed during the financial year but only advances have been received (to be adjusted against value to be provided by way of goods / services); then if total advances received exceeds Rs. 60 Lakhs / Rs. 15 Lakhs, as the case may be, tax audit under section 44AB is applicable. 40
8/23/2011 Special provision for computing profits and gains of business on presumptive basis. (1) Notwithstanding anything to the contrary contained in sections 28 to 43C, in the case of an eligible assessee engaged in an eligible business, a sum equal to eight per cent of the total turnover or gross receipts of the assessee in the previous year on account of such business or, as the case may be, a sum higher than the aforesaid sum claimed to have been earned by the eligible assessee, shall be deemed to be the profits and gains of such business chargeable to tax under the head ―Profits and gains of business or profession‖. (2) Any deduction allowable under the provisions of sections 30 to 38 shall, for the purposes of sub-section (1), be deemed to have been already given full effect to and no further deduction under those sections shall be allowed : Provided that where the eligible assessee is a firm, the salary and interest paid to its partners shall be deducted from the income computed under sub-section (1) subject to the conditions and limits specified in clause (b) of section 40. 41
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 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: 8/23/2011 The words used in section
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
Page 71 and 72: 8/23/2011 PART A Clause (1 to 6) 1
Page 73 and 74: 8/23/2011 ISSUES ON Clause 7: Ans:
Page 75 and 76: 8/23/2011 (iv) When a partner in a
Page 77 and 78: 8/23/2011 Sec 44AA Specified Profes
Page 79 and 80: 8/23/2011 Sec 2(12A) Books or Books
Page 81 and 82: 8/23/2011 While giving the particul
Page 83 and 84: 8/23/2011 Clause 11b. Whether there
Page 85 and 86: 8/23/2011 Clause 12b. Details of de
Page 87 and 88: 8/23/2011 Ans: The significance of
Page 89 and 90: 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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