Audit applicable or not

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sneha israni (Querist)

12 September 2013 if a person having professional income as 5 lacs and job works business income as 25 lacs is he applicablefor audit ??

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

12 September 2013 Tax audit is not applicable since the limits not crossed u/s.44AB both category

CA Pallav Singhania

CA Pallav Singhania (Expert)

12 September 2013 The 44AB section stipulates that every person carrying on business or profession is required to get his accounts audited by a chartered accountant before the "specified date" and furnish by that date the report of such audit,

if the total sales, turnover or gross receipts exceed Rs.60 lakhs(100 lakhs from financial year 2012-13) in the case of business and gross receipts exceed Rs.15 lakhs (25 lakhs from financial year 2012-13) in the case of profession - vide clauses (a) and (b) of section 44AB.

Hence in ur Csse Tax Audit is not applicable...

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