44AB Applicability.

Direct Taxation

Suggestion needed to the below scenario. If an assesee have gross receipts for performing educational services up to Rs.80 lakhs per year. These services are also exempt from GST. His services do not come under Sec.44AA(1). In this case Tax Audit u/s 44AB applicable? Or he can opt for Sec.44AD up to gross receipt of Rs.2 Crore per year?

Balamurali Unnithan M S

CA Inter

★ 3K+

29-May-21 13:52

906

Answers (4)

Refer Section 10(23C) of Income Tax Act, which explains about government and non government educational institutions, their taxability and audit related matters

Yoga Vishnu

CA Final

★ 11K+

29-May-21 17:27

Yoga Vishnu

Refer Section 10(23C) of Income Tax Act, which explains about government and non government educational institutions, their taxability and audit related matters

Sir, it's okay, It's not an educational institution, not comes u/s 44AA(1). But it's a service. Is the same case audit applicable?

Thread Starter

Balamurali Unnithan M S

CA Inter

★ 3K+

29-May-21 22:50

Thread Starter

Balamurali Unnithan M S

Sir, it's okay, It's not an educational institution, not comes u/s 44AA(1). But it's a service. Is the same case audit applicable?

Check tax audit limit for a business.

CA Suraj Lakhotia

Admin

30-May-21 17:55

CA Suraj Lakhotia Admin

Check tax audit limit for a business.

Up to 2 Crore, no audit required u/s 44AB.

Thread Starter

Balamurali Unnithan M S

CA Inter

★ 3K+

30-May-21 19:05