Tax audit for person filing return u/s.44ad

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 October 2015 If Individual having business of jewellery making and his turnover for F.Y.2014-15 is over 25 lakhs, is he liable for tax audit?

CA. Amit G. Chandani (Expert)
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01 October 2015 Tax audit will be liable only if turnover crosses 1 crore, otherwise section 44AD will be applicable.

Querist : Anonymous

Querist : Anonymous (Querist)

01 October 2015 But he do not have any business related PAN and he used his personal PAN for all receipts.

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