Tax audit applicable

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NK1976

NK1976 (Querist)
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28 May 2017 Dear Expert,
I want to know that tax audit applicability in following :
1) The company is Nbfc
2) Income is 1.10 Crore including 92 Lacs dividend on shares & MF and profit on Sales of MF - 18 lacs.
3)No other income
4) Form 61A applicable or not to company.

Please advise me in above case Tax Audit applicable or not.

Thanks

CA Mohit Kumar

CA Mohit Kumar (Expert)
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29 May 2017 tax audit is required when turnover cross 2 crore in FY 16-17 ..but in your case it is below the limit hence, not applicable..

Studentsca

Studentsca (Expert)
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29 May 2017 Tax audit Is applicable For Turnover being above 1 CR if you are not oppting for sec 44 AD, since the income you have earned is not taxable like Dividend. No Audit is applicable.

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