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Tax audit

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Querist : Anonymous

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Querist : Anonymous (Querist)
04 September 2013 The gross income of an individual carrying on profession during FY 2011-12 is Rs.80,00,000 and that during FY 2012-13 is Rs.10,00,000.
Is the individual subject to tax audit even in FY 2012-13?
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
04 September 2013 No. Not subject to Tax Audit in FY 2012-13. Tax Audit limit to be considered in each Financial Year.
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Querist : Anonymous

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Querist : Anonymous (Querist)
04 September 2013 Thank You Sir. But can you please tell me where it is mentioned in the act.
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
04 September 2013 Please refer Section 44AB.
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