Tax audit applicable or not

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Prashant Kumar Gupta (Querist)
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05 August 2014 IF ANY ONE HAVE TURNOVER
1 ) XXX HOUSING AND LAND DEVELOPMENTS PRIVATE LIMITED FOR RS 30,75,058/- TAX CREDITED US 206CA IS 30,754/-

2) XXX WINES PRIVATE LIMITED FOR RS 49,93,081/- CREDITED US 206CA IS 49,930/-

THEN TAX AUDIT IS APPLICABLE OR NOT FOR AY 2014-15.

IF NO THEN HOW CAN I SHOW INCOMES

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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05 August 2014 if income from busines does not exceed rs 100 lakhs then no tax audit is applicable.

Rupesh Jain

Rupesh Jain (Expert)
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06 August 2014 it is not u/s 44AB due to turnover is less than 100 lacs for tax audit . but for company act it is compulsory .

Prashant Kumar Gupta

Prashant Kumar Gupta (Querist)
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06 August 2014 We can take profit us 44ab when turnover less 100 lac

Prashant Kumar Gupta

Prashant Kumar Gupta (Querist)
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06 August 2014 We can take profit us 44ab when turnover less 100 lac

Aashok Kumar Sharma

Aashok Kumar Sharma (Expert)
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26 July 2025 Here’s a summary for your query on tax audit applicability for AY 2014-15:

* **Tax audit under Section 44AB is applicable only if turnover/gross receipts exceed Rs. 1 crore (100 lakhs) for companies (other than presumptive cases).**

* In your case, both companies have turnover below Rs. 1 crore:

* XXX Housing and Land Developments Pvt Ltd: Rs. 30.75 lakhs
* XXX Wines Pvt Ltd: Rs. 49.93 lakhs

* **Therefore, tax audit under Income Tax Act is NOT applicable for AY 2014-15 for these companies.**

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### However, Company Law (Companies Act) might require statutory audit regardless of turnover.

* Every company is required to get its accounts audited under the Companies Act, **irrespective of turnover** (unless it qualifies for some exemption under the Act).
* So, **statutory audit is compulsory**, but **tax audit is not mandatory** for income tax purpose here.

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### Reporting Income in ITR:

* You should file the Income Tax Return (ITR-6 for companies) reporting the actual income/profit/loss.
* Since tax audit is not applicable, no Form 3CA/3CB and 3CD needs to be filed.
* Maintain proper books and records and file the return accordingly.

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