Tax audit applicablity
This query is : Resolved
CA Arpit Jain Rajawat
(Querist)
05 June 2016
Dear Expert,
I have a query in relation to Tax Audit applicability on Distributors of Brand :
One of My Friend is distributor of Airtel Company, Where he distribute the Recharge Coupons & Sim Cards Etc.
In last Financial Year his total Turnover Exceeded the limit of One crore. His Actual Margin in Distribution is Around 1% i.e. 1 Lakh.
Now my question is whether the Tax Audit is Applicable on him.
What if the Turnover is Not Exceeded the prescribed limit of Audit.
Lets say Next Year Onward the limit is 2 Crores for Tax Audit, if he has a turnover of 1.50 Crores is Margin is 1.50 Lac & As per 44AD presumptive income will be 12 Lac.
Please Guide Me.
I have a query in relation to Tax Audit applicability on Distributors of Brand :
One of My Friend is distributor of Airtel Company, Where he distribute the Recharge Coupons & Sim Cards Etc.
In last Financial Year his total Turnover Exceeded the limit of One crore. His Actual Margin in Distribution is Around 1% i.e. 1 Lakh.
Now my question is whether the Tax Audit is Applicable on him.
What if the Turnover is Not Exceeded the prescribed limit of Audit.
Lets say Next Year Onward the limit is 2 Crores for Tax Audit, if he has a turnover of 1.50 Crores is Margin is 1.50 Lac & As per 44AD presumptive income will be 12 Lac.
Please Guide Me.
Amol S Joglekar
(Expert)
05 June 2016
Tax audit should be done as contemplated by you. for 2015-16 as well as 2016-17
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