Whether tax audit required if income is below taxable limit

This query is : Resolved

rkg (Querist)
Follow

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.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

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.

rkg

rkg (Querist)
Follow

27 December 2018 but as income is below 8%, officer says, tax audit is required.

CA Mohit Bansal

CA Mohit Bansal (Expert)
Follow

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

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

hitesh chandwani

NICKOONJ VANANI

Mukesh Singh

Sharad Jain

jagadheswar goud

Subscribe Now

Whether tax audit required if income is below taxable limit

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA