Tax audit
This query is : Resolved
UMANG GOSWAMI
(Querist)
05 August 2014
please suggest me that when tax audit is applicable to firm, co. etc.
05 August 2014
for co n firm its compulsory but for others when the turnover exceeds rs 100 lakhs in vase of business
UMANG GOSWAMI
(Querist)
05 August 2014
but sir is there any 25laks of limit for consultant firm ??? and 60 lakh for other firms ??? thankue in advance ..
05 August 2014
the ans is 25 lakhs for professionals and not for firm and its not 60 lakhs which is now changed to 100 lakhs u/s 44AB
Nikhil Kaushik
(Expert)
05 August 2014
Please note that audit is not compulsory for firms.
The audit is triggered only where the turnover exceeds the prescribed limits (for eg a CA firm, being a professional firm, shall be liable for tax audit if turnover crosses Rs 25 lakhs. Whereas a manufacturing partnership firm shall be liable for tax audit if the turnover crosses Rs 100 lakhs). Further where the firm is covered under 44AD but the profit is less than 8% of the turnover, tax audit shall apply.
The audit is triggered only where the turnover exceeds the prescribed limits (for eg a CA firm, being a professional firm, shall be liable for tax audit if turnover crosses Rs 25 lakhs. Whereas a manufacturing partnership firm shall be liable for tax audit if the turnover crosses Rs 100 lakhs). Further where the firm is covered under 44AD but the profit is less than 8% of the turnover, tax audit shall apply.
06 August 2014
even trading partnership firm when exceeds rs 100 lakhs then tax audit is applicable.
Rupesh Jain
(Expert)
06 August 2014
for consulting firm it is Rs. 25 lacs and for trading concern Rs. 100 lacas in a year.
Rupesh Jain
(Expert)
06 August 2014
for consulting firm it is Rs. 25 lacs and for trading concern Rs. 100 lacs in a year.
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