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What is Tax Audit ? Brief description please
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Answer / rajaram
If business people earning more than 40lacs they have to
submit tax audit report before the income tax authority
| Is This Answer Correct ? | 13 Yes | 2 No |
Answer / afridi
Audit of accounts of certain persons carrying on business
or profession.
44AB Every person,-
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 ? | 6 Yes | 0 No |
Answer / hadi
tax is tax its always pay to CBR and why we are qurell
about tax lets talk about chill man.
| Is This Answer Correct ? | 2 Yes | 13 No |
what is mean by vat (value add tax) what is that value, is it gross amount of purchase/sales, or it net of amount of pur/sales - on which it will calculated, i need with example
mention the list of services tax applicable
What is Business?
I have some queries about Service Tax, I am working in a Insurance Broking Company. 1) We have raised one bill on 25.04.09 for the services provided by us in the month Mar, 09 Now We received the chq on May, 09 followed in the Month of June,09. When the service tax is actually payable in the month of received of Service tax amount or in the month of services actually provided by us (Mar09) 2) Can we take 100% credit of Service Tax Input paid to those who provided services to us. Suppose Service Tax payable is Rs. 100/- and Service tax charged by the other firms/company Rs. 80/-. The question is That can we deduct Rs. 80/- (already paid). Now Net ST payable would be Rs. 20/- or other percent of service tax input is available 3) What is the rate of interest for Service tax if not paid on time. Pls help me out asap
0 Answers ABB, Chartered Accountant,
If We received Purchase bill for Rs. 67320 2% CST ( Ta Rs. 1320 on Assessable value of Rs. 66000/- ) against Form C but while making payment we had paid as per 12.50 % Tax amount i.e. 8250 . Total paid Rs. 74250/- then is it necessary to give Form C to the party?
A Norwegian Company rents some equipment to a customer in India. The Norwegian Company does not have an office in India. The new tax regulations make in mandatory for them to furnish a PAN number without which a with holding tax will be deducted. The Norwegian company will be paying tax on this rental income in Norway. India and Norway have a Double Tax Avoidance Agreement. I wish to know 1) Is it possible for the Norweigian company to avoid the with holding tax in India?
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CAN WE GET 100% CREDIT OF SERVICE TAX INPUT AMOUNT WHILE PAYING SERVICE TAX. LIKE SERVICE TAX PAYABLE IS RS. 100 AND SERVICE TAX INPUT IS RS. 30 FOR THE BILL OF TELEPHONE, TRAVELLING BILL REPAIR AND MAINT OF CARS ETC. PLS HELP ME OUT ASAP
3 Answers Chartered Accountant,
Audit 
