Applicability of Tax Audit

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Chintan Kareliya (Querist)
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16 September 2019 Respected Expert,
I Want to be clear regarding applicability of tax audit in the below mentioned scenario for individual carrying retail business:
Turnover for F.Y. 2018-19 is 82,00,000/-
Gross profit comes to 2,60,000/- (3.17%)
Net Profit comes to 1,20,000/- (1.46%)
Total Income for ITR comes to 1,22,250/-
Whether Tax Audit is Necessary in this Case???? If Yes then How??

Karim N Shaikh

Karim N Shaikh (Expert)
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16 September 2019 1) as per section 44AB if turnover of previous year exceed Rs 2cr Audit is compulsory or
2) if turnover is less then 2cr but assessee show profit less then 8% or
3)Show loss
then he required to maintain books of account u/s (44AA) and get them audited.
penalty under section 271A is liable to pay which is Rs 25000
In your case you required to get your books of Accounts Audited from CA

RAJA P M

RAJA P M (Expert)
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16 September 2019 No... Tax audit not applicable if Turn Over less than 1cr.

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