Applicability of tax audit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 December 2016
ONE OF MY CLIENT HAS TURN OVER OF RS 8500000 AND NP RS 160000 HE ARGUE THAT ONE ADVOCATE HA ADVISED HIM THAT HE WILL NOT REQUIRE TO GET HIS ACCOUNTS AUDITED DURING FY 2015-16 AS HE HAS NP LESS THAN TAXABLE INCOME LIMIT, IS HIS ARGUEMENT IS ACCEPTABLE?
04 December 2016
Presuming that your client is in business and not in profession, there is no requirement of tax audit as annual turnover is less than Rs. 1 Crore.
05 December 2016
Hi,
Any person carrying on a business must get accounts audited if turnover exceeds Rs 100 lacs.
In your case Tax Audit is not applicable.
Any person carrying on a business must get accounts audited if turnover exceeds Rs 100 lacs.
In your case Tax Audit is not applicable.
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
Unanswered Queries
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- Under construction property in ITR
- PPF interest-As Exempt Income disclosure
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- Upload Level ValidationITR3Category of Defect B/D
- Booth for sales promotion
- Not able to file ITR
- Building tax payment deduction in rental Income
- VALUATION OF PRIVATE LIMITED COMPANY SHARES
- LIABILITY ADJUSTMENT
- Capital Gains on sale of residential flat
- Accounting with Claude
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
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
