Tax audit

This query is : Resolved

abbas (Querist)
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30 August 2014 Can an assessee do tax audit if his turnover is below 1 crore ? if yes tell me the provisions regarding it. plzzzzzz

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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30 August 2014 As per Section 44AD(5) audit will be required if the assessee declares profit less than 8% AND his income exceeds the maximum amount not chargeable to tax.

Rupesh Jain

Rupesh Jain (Expert)
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30 August 2014 if the assesss decalre the proit below @8% of the turnover u/s 44AD then audit will requiredif sales below 100 lacs.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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31 August 2014 Audit will be mandatory only if the income EXCEEDS the exemption limit.

Audit is NOT mandatory if the income is LESS than the exemption limit even if the assessee declares profit less than 8% of gross receipts.