Tag Archives: Section 44 AB

Cash Sale Exceeding Rs 2 Lakh -Reporting by person who is liable for audit u/s 44AB

By | November 25, 2016

Rule 114-E (2) of Income Tax Rules requires reporting by any person who is liable for audit under Section 44 AB of Income Tax Act in respect of transaction mentioned at Sr. No. 11 .Receipt of cash payment exceeding two lakh rupees for sale, by any person, of goods or services of any nature (other… Read More »

Section 44 AB of Income Tax Act ( After Amendment by Finance Act 2016)

By | November 25, 2016

Section 44 AB of Income Tax Act [Section 44AB After Amedment by the Finance Act, 2016 ] 69[Audit of accounts of certain persons carrying on business or profession. 44AB. Every person,— (a) carrying on business shall if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds 73[one crore… Read More »