Tax audit
This query is : Resolved
09 September 2012
HI,
I HAVE ONE QUERY THAT IF ONE FIRM OR COMPANY IS UNDER TAX AUDIT FOR A PARTICULAR YEAR BUT IF IN NEXT YEAR ITS SALES DOES NOT CROSS 60 LAKHS , THEN IT ACCOUNTS ARE REQUIRED TO BE AUDITED OR NOT?
I HAVE ONE QUERY THAT IF ONE FIRM OR COMPANY IS UNDER TAX AUDIT FOR A PARTICULAR YEAR BUT IF IN NEXT YEAR ITS SALES DOES NOT CROSS 60 LAKHS , THEN IT ACCOUNTS ARE REQUIRED TO BE AUDITED OR NOT?
09 September 2012
Tax audit is required for the year to for which year turnover exceeds the limit prescribed under section 44AB i.e Rs.60 lacs(presently).
For your clarification for the Year 2011-12 turnover as per section 44AB is Rs.70 lacs and for the year 2012-13 is Rs.40 lacs then for 2011-12 tax audit required and for 2012-13 tax audit not required.
OM SAI SRI SAI JAI JAI SAI
For your clarification for the Year 2011-12 turnover as per section 44AB is Rs.70 lacs and for the year 2012-13 is Rs.40 lacs then for 2011-12 tax audit required and for 2012-13 tax audit not required.
OM SAI SRI SAI JAI JAI SAI
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