Applicability of Tax Audit for the A.Y. 2020 - 2021
This query is : Resolved
21 December 2020
If the Gross Receipts from Profession is less than Rs 50 lakhs , loss arising from Profession which is less than 50% of the Gross Receipt and the Total income does not exceed the basic exemption limit i.e Rs 3,00,000/- (in case of senior citizen). In this case , Tax Audit is required or not ? Please guide us.
21 December 2020
Tax audit is not required in this case.
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