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
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
Message likes :
2 times
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
24 September 2016
Dear Rohit,
infact if your income is negative then also u have to get tax audit done
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- Scrutiny and reopening of past returns
- PPF interest-As Exempt Income disclosure
- Booth for sales promotion
- F & O PROFIT REPORTING FOR AY 2026-27
- Type of Capital Gain
- FEMA regulation Act. for inward remitance
- Rental income of jointly held property
- TDS on Rent received on redevelopment of building
- Tax on Deemed Capital Gain
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
