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
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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
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