Tax audit

Save Share

Join Us Follow Us Add as Source

This query is : Resolved

Report Query Ask a Query

Querist : Anonymous

Querist : Anonymous (Querist)

17 June 2014 IS TAX AUDIT APPLICABLE TO BUSINESS (INDIVIDUAL)

Sandeep Dharar

Sandeep Dharar (Expert)

17 June 2014 It depends on the turnover & income of individual

Nikhil Kaushik

Nikhil Kaushik (Expert)

17 June 2014 yes, if the turnover exceeds 44AB limits or where covered under 44AD, the assessee offers profit that less than 8% income (subject to total income exceeding the exempted limit)

Querist : Anonymous

Querist : Anonymous (Querist)

17 June 2014 IS THERE ANY OTHER AUDIT(COMPULSORY) REQUIRE BESIDES THAT

Nikhil Kaushik

Nikhil Kaushik (Expert)

17 June 2014 not under income tax

Sandeep Dharar

Sandeep Dharar (Expert)

17 June 2014 Any other audit on individual is not mentioned by IT other than Tax Audit.

Querist : Anonymous

Querist : Anonymous (Querist)

17 June 2014 IS SURCHARGE APPLICABLE TO BUSINESSMAN IF INCOME > 1 CRORE

Sandeep Dharar

Sandeep Dharar (Expert)

17 June 2014 Yes Surcharge is applicable.

Nikhil Kaushik

Nikhil Kaushik (Expert)

17 June 2014 yes...surcharge is applicable if the income exceeds Rs 1 cr.

Querist : Anonymous

Querist : Anonymous (Querist)

17 June 2014 CAN BUSINESS BOUND TO CONVERT INTO COMPANY UNDER ANY CIRCUMSTANCES

Nikhil Kaushik

Nikhil Kaushik (Expert)

17 June 2014 by the way TP audit is also prescribed but only if you are engaged in international transactions with associated enterprises!! refer section 92 to 92F

Querist : Anonymous

Querist : Anonymous (Querist)

17 June 2014 U MEAN FIRM/BUSINESSMAN/HUF...CAN NOT EXPORT ITS GOODS

Nikhil Kaushik

Nikhil Kaushik (Expert)

17 June 2014 where did I say that friend?

Querist : Anonymous

Querist : Anonymous (Querist)

17 June 2014 FIRST U TELL ME
WHAT DO U MEAN BY TP AUDIT