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What is tax audit
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Answer / mukesh kumar
Every person who has turnover above 40 lacs is foll under
audit compulsury . This is the tax audit .
In tax audit every transaction is checked carefuly
relating tax and or that transaction comes under any Act.
| Is This Answer Correct ? | 346 Yes | 107 No |
Answer / vijaya kumar
u/s 44AB of Income Tax Audit Persons earning more than Rs.
40 Lakhs, should maintain books of account for the same.
His accounts should be audited by a Chartered Accountant
and certify that is called tax audit.
| Is This Answer Correct ? | 238 Yes | 70 No |
Answer / vipul
Tax audit is done for valuating of income tax if the
company or partnership firm has turnover exceeds 40 lacs in
one previous year or for profeessional the gross fees
should be more than 10 lacs as per Sec 44AB of income tax
act 1961
| Is This Answer Correct ? | 103 Yes | 31 No |
Answer / manmohan
tax audit is compulsory to company but a individual firm
and partner firm turnover cross 40 lakhs they are liable to
tax audit,they hire a C.A. do the tax audit
| Is This Answer Correct ? | 136 Yes | 66 No |
Answer / priya
carrying on business shall, if his total sales, turnover or
gross receipts, as the case may be, in business exceed or
exceeds forty lakh rupees in any previous year or
carrying on profession shall, if his gross receipts in
profession exceed ten lakh rupees in any previous year; or
carrying on the business shall, if the profits and gains
from the business are deemed to be the profits and gains of
such person under section 44AD or section 44AE or section
44AF, as the case may be, and he has claimed his income to
be lower than the profits or gains so deemed to be the
profits and gains of his business, as the case may be, in
any previous year get his accounts of such previous year
audited by an accountant before the specified date and
furnish by that date the report of such audit in the
prescribed form duly signed and verified by such accountant
and setting forth such particulars as may be prescribed:
Provided that this section shall not apply to the person,
who derives income of the nature referred to in section 44B
or section 44BB or section 44BBA or section 44BBB, on and
from the 1st day of April, 1985 or, as the case may be, the
date on which the relevant section came into force,
whichever is later:
Provided further that in a case where such person is
required by or under any other law to get his accounts
audited it shall be sufficient compliance with the
provisions of this section if such person gets the accounts
of such business or profession audited under such law
before the specified date and furnishes by that date the
report of the audit as required under such other law and a
further report in the form prescribed under this section.
| Is This Answer Correct ? | 52 Yes | 21 No |
Answer / habeeb jan . b
Every person who has turnover above 40 lacs is foll under
audit compulsury . This is the tax audit .
In tax audit every transaction is checked carefuly
relating tax and or that transaction comes under any Act.
| Is This Answer Correct ? | 45 Yes | 17 No |
Answer / gopi sharam
Tax Audit is done if gross turnover of an assessee exceeds
Rs.40 Lac in case of non -professionals and in case of
professionals the limits is 10 lac, this audit is
complusory to be done before 31.10.08, otherwise the
assessee is penalised as per the provisions of the income
tax act.
| Is This Answer Correct ? | 57 Yes | 38 No |
Answer / ca mohit joshi
Tax audit is compolsary for whose company, etc.. turnover
40 lakhs and above. this audit is done by a chartered
accountant. who is a mamber of the institute of chartered
accountant of india.
| Is This Answer Correct ? | 36 Yes | 19 No |
Answer / w. zahoor-ul-islam
tax audit is compulsory for every company,partnership firm
or undertaking whose turn over exceeds40 lacs and 10 lacs
in case of professionals have to compulsory go forthe
auditing of accounts from a Chartered Accountant under
section 44AB of the income tax act 1961.
| Is This Answer Correct ? | 18 Yes | 3 No |
Answer / rahul rathore
Every person who has turnover above 40 lacs is foll under
audit compulsury . This is the tax audit .
In tax audit every transaction is checked carefuly
relating tax and or that transaction comes under any Act.
He should manitain books of account for the same . His
account by a Chartered Accountant and certfy that is
called TAX AUDIT.
| Is This Answer Correct ? | 15 Yes | 4 No |
Classify the following accounts into Personal Account, Real Account & Nominal Account. Questions Answers 1. Furniture Account 2. Salaries Account 3. Outstanding Wages Account 4. National Trading Co. Ltd’s Account 5. Stationery Account 6. Prepaid Insurance Account 7. Capital Account 8. Interest Account 9. Building Account 10. Purchase Account 11. Cash Account 12. Bank Account 13. Sales Account 14. Commission received in Advance Account 15. Discount Account 16. Drawing Account 17. Loan Account 18. Mysore Store’s Account 19. Repairs to Machinery Account 20. Stock Account 21. Investment Account 22. Loose Tools Account 23. Bangalore Sports Club’s Account 24. Loss of Goods by Fire Account 25. Motor Vans Account 26. International Trader’s Account 27. Goodwill Account 28. Depreciation Account 29. Bad Debts Account 30. Bad Debts Recovered Account 31. Bank Overdraft Account 32. Book Debts Account 33. Purchases Returns Account 34. Sales Returns Account 35. Postage Account 36. Charity Account 37. Carriage Account 38. Rent Account 39. National College’s Account 40. Bills receivable Account 41. Bills Payable Account
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