Web7 Jan 2024 · Clause (a) of Section 44AB talks about a person carrying on a business, whereas clause (b) talks about a person carrying on a profession. The proviso to Section 44AB providing the enhanced turnover limit of Rs. 10 crores for the tax audit is placed below clause (a) to Section 44AB. Thus, the persons engaged in the profession are not entitled … Web5 Jul 2024 · Section 44AB comprise following clauses- 44AB (a) Business Turnover exceed Rs. 1 Crore 44AB (b) Professional gross receipts exceed Rs. 50 Lacs 44AB (c)-i Income less than Deemed Income u/s 44AE. 44AB (c)-ii Income less than Deemed Income u/s 44BB. 44AB (c)-iii Income less than Deemed Income u/s 44BBB. 44AB (d) for section 44ADA …
Tax Laws & Rules > Acts > Income-tax Act, 1961
Web10 Apr 2024 · However, the assessee failed to justify the violation of section 44AB of the Act. It is therefore, satisfied that the assessee has committed a default within the meaning of Explanation to section 271B of the Act and it is a fit case to levy penalty u/s. 271B of the Act which pertains to the penalty for noncompliance of section 44AB of the Act.” Web7 Feb 2024 · 08 February 2024 1. 44AB( d) if for profession. 2. 44AB(e) is for business. This section applies in a case wherein section 44AD(4) applies. That is in FY 2015-16, if you … tim smith astronaut twin tone
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Web6 Aug 2024 · Those who earn an income between Rs. 2.5 to 5 lakhs are taxed at 10%. A 10% income tax is levied on earnings ranging from 2.5 lakhs to 5 lakhs. If your income is between 5 and 10 lakhs, you must ... Web12 Sep 2024 · Section 44AB of Income Tax Act, 1961 was Inserted w.e.f 1.4.1985 (AY 1985-86) and further amendments were made from time to time. At present section exists … WebSection 44AB has been introduced in the Income-tax Act, 1961, by the Finance Act, 1984. This section provides for audit of accounts of assessees having total sales, turnover or gross receipts exceeding the specified limits of Rs.40 lakhs for business and Rs.10 lakhs for profession. New Rule 6G, tim smith associates sheffield