TAX AUDIT OR SELF ASSESSMENT
This query is : Resolved
Quick Summary
Shalini RN
(Querist)
19 July 2024
Please do let me know the applicability of tax audit to a proprietorship concern who have the turnover of Rs.5.6 crores, whether we need to go in for tax audit or self assessment is enough.
Dhirajlal Rambhia
(Expert)
19 July 2024
Depends upon cash receipts and expenses. If both be above 5% then tax audit mandatory.
Shalini RN
(Querist)
19 July 2024
Ok sir, thank you,
Is there any such limitations on turnover value
Is there any such limitations on turnover value
Dhirajlal Rambhia
(Expert)
19 July 2024
For turnover up to 10 Crs, tax audit u/s. 44AB not mandatory, if cash transactions are up to 5% of total transactions.
Shalini RN
(Querist)
19 July 2024
Thank you very much sir
Dhirajlal Rambhia
(Expert)
19 July 2024
You are welcome.
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