Whether tax audit required if income is below taxable limit
This query is : Resolved
26 December 2018
sir,
I am a businessman and have sales of rs. 50 lakh during a.y. 2011-12 and net profit is rs. 90000. I have no other income during that year. whether I am required tax audit or it is not required as total income is below taxable limit.if possible, give any reference also of the act, rules etc.
I am a businessman and have sales of rs. 50 lakh during a.y. 2011-12 and net profit is rs. 90000. I have no other income during that year. whether I am required tax audit or it is not required as total income is below taxable limit.if possible, give any reference also of the act, rules etc.
CA R SEETHARAMAN
(Expert)
26 December 2018
Tax audit not required as the limit is 60 lacs. Tax audit required when turnover exceed threshold irrespective of taxable income earned or not.
CA Mohit Bansal
(Expert)
27 December 2018
Proviso to section 44AD (presumptive section) says that no audit is required if income is below the taxable limit. In your case income is below taxable limit hence no audit is required
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