Section 44-AB ,271B and 273 B Limit & penalty (Income Tax Act,1961)

Posted: 23 May 2010 12:54 AM PDT

Non-corporate assessees are required to obtain a tax audit report from a chartered accountant in certain cases. The limit of Rs 40 lakh in section 44-AB of the Income-tax Act, 1961, applies in the case of every person carrying on a business and whose total receipts or turnover from such business...

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