Tax audit
This query is : Resolved
30 August 2014
Can an assessee do tax audit if his turnover is below 1 crore ? if yes tell me the provisions regarding it. plzzzzzz
30 August 2014
As per Section 44AD(5) audit will be required if the assessee declares profit less than 8% AND his income exceeds the maximum amount not chargeable to tax.
Rupesh Jain
(Expert)
30 August 2014
if the assesss decalre the proit below @8% of the turnover u/s 44AD then audit will requiredif sales below 100 lacs.
31 August 2014
Audit will be mandatory only if the income EXCEEDS the exemption limit.
Audit is NOT mandatory if the income is LESS than the exemption limit even if the assessee declares profit less than 8% of gross receipts.
Audit is NOT mandatory if the income is LESS than the exemption limit even if the assessee declares profit less than 8% of gross receipts.
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