Regarding tax audit of companies
This query is : Resolved
RAVI MANOCHA
(Querist)
14 March 2017
Dear Sir
I want to know when the limited companies are required to get their accounts audited under income tax act .i.e the tax audit is done.
Also please suggest that if there is company Pvt Ltd. engaged in hotel business whose food sale turnover is less than Rs. 1 crore and Room rent receipts are more than Rs. 25 Lac but there is net loss of the company then whether the tax audit applies or not????
Thanks & Regards
Ravi Manocha
I want to know when the limited companies are required to get their accounts audited under income tax act .i.e the tax audit is done.
Also please suggest that if there is company Pvt Ltd. engaged in hotel business whose food sale turnover is less than Rs. 1 crore and Room rent receipts are more than Rs. 25 Lac but there is net loss of the company then whether the tax audit applies or not????
Thanks & Regards
Ravi Manocha
15 March 2017
Tax audit will be applicable when the turnover is more than INR 40 lacs. Even if the business is incurring loss, tax audit will be applicable
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