Income tax audit applicability
This query is : Resolved
15 September 2015
1)Mr. X has a turnover if Rs. 45 lacs in Financial year 14-15.
2) Has filed itr 4 on 31st July 2015
3) profit shown is below 8%
4) Profit n loss and Balance Sheet is shown in income tax return.
Whether Tax audit is mandatory?
Please guide.
Thank you
Regards,
Devendra Kulkarni
CA R SEETHARAMAN
(Expert)
16 September 2015
Tax audit is mandatory if total income shown in the return is above basic exemption limit.
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