Is tax audit mandatory if gross total income is <250000

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Anonymous (Querist)
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23 September 2016 IS TAX AUDIT MANDATORY IF GROSS TOTAL INCOME IS LESS THAN 250000 EVEN THOUGH TURNOVER IS GREATER THAN 1 CRORE

ACA Anurag

ACA Anurag (Expert)
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23 September 2016 Dear Rohit, Tax audit has no relation with the profit. if your turnover is greater than 1 crore than tax audit is compulsory else penalty will be levied Hope your query is resolved

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ACA Anurag

ACA Anurag (Expert)
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24 September 2016 Hope your query is resolved

Anonymous

Anonymous (Querist)
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24 September 2016 I read somewhere that if total income is negative the there is no need for tax audit

ACA Anurag

ACA Anurag (Expert)
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24 September 2016 Dear Rohit, infact if your income is negative then also u have to get tax audit done

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