Is tax audit mandatory if gross total income is <250000
This query is : Open
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
(Expert)
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
(Expert)
24 September 2016
Hope your query is resolved
24 September 2016
I read somewhere that if total income is negative the there is no need for tax audit
ACA Anurag
(Expert)
24 September 2016
Dear Rohit,
infact if your income is negative then also u have to get tax audit done
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