Tax audit limit for cold storage
This query is : Resolved
05 September 2016
what is the tax audit limit regarding turnover of cold storage?
and Is Cold storage considered part of profession?
and Is Cold storage considered part of profession?
05 September 2016
Cold Storage is coming under business and not Profession.
Section 44AB of the Income Tax Act makes it obligatory for every person carrying on business to get his accounts of any previous year audited if his total sales, turnover or gross receipts exceed one crore rupees.
Section 44AB of the Income Tax Act makes it obligatory for every person carrying on business to get his accounts of any previous year audited if his total sales, turnover or gross receipts exceed one crore rupees.
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