Tax audit

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Querist : Anonymous

Querist : Anonymous (Querist)

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

Sandeep Dharar

Sandeep Dharar (Expert)
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17 June 2014 It depends on the turnover & income of individual

Nikhil Kaushik

Nikhil Kaushik (Expert)
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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

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

Nikhil Kaushik

Nikhil Kaushik (Expert)
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17 June 2014 not under income tax

Sandeep Dharar

Sandeep Dharar (Expert)
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17 June 2014 Any other audit on individual is not mentioned by IT other than Tax Audit.

Querist : Anonymous

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

Sandeep Dharar

Sandeep Dharar (Expert)
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17 June 2014 Yes Surcharge is applicable.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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17 June 2014 yes...surcharge is applicable if the income exceeds Rs 1 cr.

Querist : Anonymous

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

Nikhil Kaushik

Nikhil Kaushik (Expert)
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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

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

Nikhil Kaushik

Nikhil Kaushik (Expert)
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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