APPLICABILITY OF INCOME TAX AUDIT

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This discussion clarifies the tax audit requirements for private limited companies under Section 44AB of the Income Tax Act. It confirms that if a private limited company's turnover is less than Rs. 1 crore, a tax audit is generally not required. The query also touches upon the cash transaction limit, but the primary conclusion is that no tax audit is necessary below the specified turnover threshold.

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(Querist)
03 December 2020 IN CASE OF PRIVATE LIMITED COMPANY IF TURNOVER IS LESS THAN RS.1 CRORE IS IT REQUIRED TO GET AUDITED IN INCOME TAX ACT U/S 44AB AS TAX AUDIT?AND IS LIMIT COMPLIANCE OF NOT MORE THAN 5% OF RECEIPTS AND PAYMENT IN CASH REQUIRED TO BE SEEN FOR GETTING THIS COMPANY AUDITED IN TAX AUDIT IN INCOME TAX ACT?KINDLY GIVE ANSWER AS SOON AS POSSIBLE.
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CA SANKET GARG

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CA SANKET GARG (Expert)
06 December 2020 No Tax Audit will be required.
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CA Sweta

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CA Sweta (Querist)
07 December 2020 You mean Tax audit not required right?
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CA SANKET GARG

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CA SANKET GARG (Expert)
08 December 2020 Yes tax audit report not required.
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CA Sweta

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CA Sweta (Querist)
08 December 2020 Thank you very much for quick reply
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