Tax audit compulsory or not?
This query is : Open
CA Bhavna Shah
(Querist)
11 August 2017
Hello,
I have a question. It is very clear that being a proprietor if my business income is more than or equal to 8%/6%, I can simply go for presumptive taxation and no tax audit is reuired
But my question is if my income if less than specified % or in case of loss, if I am filing ITR 3 along with financial statements means Balance Sheet and P&Laccount, even than am I required to have tax audit?
I have a question. It is very clear that being a proprietor if my business income is more than or equal to 8%/6%, I can simply go for presumptive taxation and no tax audit is reuired
But my question is if my income if less than specified % or in case of loss, if I am filing ITR 3 along with financial statements means Balance Sheet and P&Laccount, even than am I required to have tax audit?
ABHISHEK GARG
(Expert)
11 August 2017
No, if you are not availing presumptive income scheme and Maintaining Books then Tax Audit is not required subject to the condition that your turnover is below 1 Cr.
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11 August 2017
Yes. I agreed to Mr ABHISHEK GARG.
But, Above said way you have books of accounts is mandatory / must....
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