Tax audit applicability
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 September 2015
Dear sir,
A person had a turnover of more than 25 lakh in the last year and he had conducted his tax audit for that period. Now in the current year he has a turnover of less than 25 lakh. Whether he is liable to conduct tax audit in the current year also.
Please reply.
Thanks
A person had a turnover of more than 25 lakh in the last year and he had conducted his tax audit for that period. Now in the current year he has a turnover of less than 25 lakh. Whether he is liable to conduct tax audit in the current year also.
Please reply.
Thanks
Guest
Guest
(Expert)
09 September 2015
No he is not required to conduct his tax audit if he is being a service provider having receipts less then Rs25 lacs.
09 September 2015
Please ensure, last year TAX audit was NOT conducted on account of the fact that the % profit is less than 8 % and the business is eligible business.
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