Tax audit compulsory or not?
This query is : Open
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?
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.
Message likes :
1 times
11 August 2017
Yes. I agreed to Mr ABHISHEK GARG.
But, Above said way you have books of accounts is mandatory / must....
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Difference between Date of Payment and Date of Deduction?
- ITDS U/S.194T of Firm
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Unregistered suppliers utility
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- EXPORT COMMERCIAL INVOICE HSN CODE
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- Cash balance limit and property purchases limit
- Non-Compliance documents have not been submitted by the contractors debited
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
