Tax audit
This query is : Resolved
08 September 2011
Hi I am siva
I wish to know that, a person doing two difference business having turnover of Rs.2850000 and Rs.3545800 respectively. Whether Tax Audit is applicable.
If a person having professional income as well as business income and aggregate turnover is above 60lakhs, which come under Tax Audit.
I wish to know that, a person doing two difference business having turnover of Rs.2850000 and Rs.3545800 respectively. Whether Tax Audit is applicable.
If a person having professional income as well as business income and aggregate turnover is above 60lakhs, which come under Tax Audit.
08 September 2011
Limits are calculated person wise and not business wise.
So in the 1st case, there will be Tax Audit.
So in the 1st case, there will be Tax Audit.
08 September 2011
In the 2nd case, there can be many views.
In my view, if either the Professional turnover exceeds 15 lakh or business turnover exceeds 60 lakh then there will be tax audit
.
In my view, if either the Professional turnover exceeds 15 lakh or business turnover exceeds 60 lakh then there will be tax audit
.
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