Urgent
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 July 2015
Dear Sir,
In case of an individual, during the fy 2014-15, total sale is Rs. 74 lacs and net profit thereon is Rs. 2.95 lacs and investment u/s 80C is Rs. 50000/-
Whether the assessee is liable to audit as his income is above 2.5 lacs
or
He is not liable as he has no tax liability after deducting 80C amount out net profit.
Please clarify?
It's urgent.
In case of an individual, during the fy 2014-15, total sale is Rs. 74 lacs and net profit thereon is Rs. 2.95 lacs and investment u/s 80C is Rs. 50000/-
Whether the assessee is liable to audit as his income is above 2.5 lacs
or
He is not liable as he has no tax liability after deducting 80C amount out net profit.
Please clarify?
It's urgent.
Sandeep Jadhav
(Expert)
11 July 2015
Dear As per Invcome tax act, in case of Business if tournover above 1crore or Professional People total Receipts i.e. professional fees/commission etc above Rs. 25Lakh then Income tax Audit is compulsory otherwise not.
regards
Sandeep Jadhav
regards
Sandeep Jadhav
Sandeep Jadhav
(Expert)
11 July 2015
in above case no audit is required....as his total sales below 1crore (i.e. 74Lakh)
I hope its clear your doubt.
Regards
Sandeep Jadhav
I hope its clear your doubt.
Regards
Sandeep Jadhav
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