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Jayawant, Desai & Co.
Chartered Accountants
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Who are the assessees exempt from filing the return under the first proviso to Section 139(1) of the Income Tax Act, 1961?
Who is liable to get the tax audit under section 44AB of the Income Tax Act, 1961?
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Who are the assessees exempt from filing the return under the first proviso to Section 139(1) of the Income Tax Act, 1961?
The provisions of the first proviso to section 139(1) are not applicable in the
following cases:
Any person being a non resident.
Any senior citizen who has attained 65 years of age but is not engaged in any business or profession during the previous year. (Vide Notification S.O. 710 (E) date 20th August, 1998).
Where only the clause (vi) is applicable then the travel to any foreign country does not include travel to Bangladesh, Bhutan, Maldives, Nepal, Pakistan Sri Lanka, Saudi Arabia on Haj pilgrimage organised by Central Haj Committee and to China on pilgrimage to Kailash Mansrover. (Notification Nos. S.O. 711 (E) and S.O. 712 (E) dated 20th August, 1998.
Who is liable to get the tax audit under section 44AB of the Income Tax Act, 1961?
The following assessees are required to get their accounts audited under the Income Tax Act, 1961 in terms of section 44AB:-
Assessee carrying on business if his total sales, turnover or gross receipts, from business exceeds Rs. 40 lakh during the previous year.
Assessee carrying on profession if his total sales, turnover or gross receipts, from business exceeds Rs. 10 lakh during the previous year.
Assessee carrying on business shall if the profits and gains from the business specified under section 44AD, 44AE and 44AF are less than the deemed profits and gains in the respective section.
The provisons of section 44Ab does not apply to the assessees who derives income referred to in section 44B or 44BB or 44BBA or 44BBB
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