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

CA Suresh Jain (Expert)
Follow

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

CA Pallav Singhania (Expert)
Follow

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.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

vinod

sandhya.v

Suneel Shah

NICKOONJ VANANI

CA.K.RAMAKRISHNA. PRABHU

Subscribe Now

Applicability of tax audit

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANT

CA Final

GST CONSULTANCY

Accountant

Article Assistant