turnover

As expressly mentioned in Section 22, the primary object of business audit is to promote compliance with law. Business audit is a device with the Department to ascertain and ensure compliance of laws that are implemented by the Department. At a practical level, the object of audit is to ascertain the correctness of returns and to identify inadequacies in returns, if any when checked against the books of account and the circumstances of the business. If the returns are no.. Full Article

THE main point raised in this appeal is against the reduction in the claim of deduction u/s. 80HHC. The facts are that the return of income was filed claiming deduction u/s. 80HHC at Rs. 7,38,416/-. During the course of assessment proceedings the Assessing Officer noted that there was a net profit of Rs. 14,54,272/- on total export turnover of Rs. 2,48,26,964/ -. The net profit included Duty draw back turnover of Rs. 21,10,298/- and DEPB of Rs. 6,63,942/-. The Assessing .. Full Article

since the purchase and sale of shares are delivery based, the gross sale value has to be taken as the turnover. Therefore, if the gross sale value exceeds Rs 40 lakh, a chartered accountant must conduct a tax audit under Section 44AB. It is understood that you are a regular trader in shares carrying on the business of buying and selling of shares. Full Article

CAN double benefits under Sec 10B and also under Section 80HHC be availed on export of the same goods? Should Income Tax allow Sec 80HHC benefits if an exporter procures orders and closes the transaction by procuring goods from a third country and shipping the same straight to the buyer country, Full Article

It is clarified that Domestic Venture Capital Funds registered with SEBI, have been permitted to invest in equity and equity-linked instruments only of off-shore Venture Capital Undertakings. Accordingly, Domestic Venture Capital Funds registered with SEBI, desirous of making investments in off-shore Venture Capital Undertakings may approach SEBI for prior approval. Full Article

Commissioner of Income-tax v. Catapharma (India) (P.) Ltd.- Section 80HHC of the Income-tax Act, 1961 - Deductions - Exporters - Assessment year 1997-98 - Whether excise duty and sales tax form part of total turnover while computing deduction under section 80HHC - Held, no. Full Article