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.
Amol S Joglekar
(Expert)
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- GST input credit on commercial property
- Working on Gold wastage during Melting of old gold jewellery
- GSTR-9C filing
- Import Order Cancelled.
- TDS on Dashcam rent and allied services
- Royalty payments to the Mining Department for procurement of murum - GST input
- Intimation under section 245
- Form 144 TDS Return Validation Error – Mandatory Fields
- Section 269ST applicability for capital introduced by partner to his partnership firm
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
