Case Law Details
Case Name : Bajrang Oil Mills v. Income-tax Officer (Rajasthan High Court)
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HIGH COURT OF RAJASTHAN
Bajrang Oil Mills v. Income-tax Officer
2 August, 2006
JUDGMENT
Rajesh Balia, J.
1. This appeal is arising out of the order of the Tribunal dt. 27th April, 2001 sustaining the penalty levied against the assessee-appellant under Section 271B for failure on the part of the assessee to get its accounts audited and obtain the report of such audit before the date prescribed under Section 44AB.
2. For the asst. yr. 1994-95, the assessee has filed his return on 28th Sept., 1994 declaring the total receipts from sales at Rs. 35,38,266.58 and receipts for job work done by him ...
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Respected Sir, I want to say that Mr. A is prop. of ABC entp. & its a Tax audit case.The Auditor prepares a seperate Balance sheet with complete sets os a/c’s of firm i.e. ABC Entp.& a seperate Capital a/c & Balance sheet prepares to show the other income which is apart from the firm. I want to know that Should it merge in one Balance sheet & all other income to be shown into Capital addition a/c ? Mainly Balance sheet to be single or double in the case of propritory concern? meanwhile ITR -R doesnt give the palce to show seperate Balance sheets position. So, sir Pl. help me on this issue. Thanks.
Dear Sir,
Thanks for the all norms confirmation and update to all students and freshers.
God Bless You
Thanks & regards
Navneet Kumar Jain
Sir
tax audit u/s 44AB (Professional) AY 2011-12 is 10 lcas or 15 lacs
please help me
Sir,
The company received the rental Income exceeds Rs. 40 lakhs
whether it is covered u/s 44AB and there is no other income
YEs audit is complulsory if purchase is over 40 lacs
if purchase is more than 40 lacs and sales is less than 40 lacs is audit is compulsor?
Pls. clarify, whether sales tax/vat is added to total turnover for calculating the limit of gross receipt of Rs. 40 lacs. For example assume total sales excluding vat is Rs. 3900000/-. VAT is Rs. 150000/-. The assessee shows sales net of sales tax in trading account i.e.at Rs. 3900000/-. Is he required to get the accounts audited.
dear vikas n others
gross receipts/turnover does not includes any taxes/lavies that we are liable to collect on behalf of the govt. and paid to them.
sales Rs.38 lacs and purchase 42 lacs not attract audit norms u/s 44AB
pl. do not miss guide to the people and read the laws carefully before commenitng.
will service tax and vat applicable on job works and at what rate
I am retail trader of IML and Beer and my turnover is over 2crores. Apart from this i am also carrying on another business of civil contracts of which turnover is 30 lakhs. I got the books of accounts of retail trade audited u/s 44AB of the I.T Act and I want to declare income from contracts on presumptive basis u/s 44AD of the I.T.Act.Can I do like this? Please clarify.
Sir, it is classic case law to help in penalty matter u/s. 271B as well as in other penalty matter to interpret the spirit of law.
Respected Sir,
Thanks for the wonderful site created by you. I would like to know that whether people dealing in flats through websites and earning brokerage income be considered as business income and have limit of 40lakhs or professional income and have limit of 10 lakhs for compulsory audit u/s 44AB
sale
3800000
304000 8% vat
156560 4.12% Servixe tax
——-
4260560 Total
whether tax audit requires or not
TOO GOOD, NO REQUIREMENT TO CARRY TAX BOOK IN OFFICE.
hon. sir f.y. 2008/09 my transaction of share daily trading 1 crores above and profit + loss 40 lacs above sir my quastion i am liable audit of sec.44AB income tax act.