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?
CA Suresh Jain
(Expert)
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.
CA Pallav Singhania
(Expert)
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.
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