Who are all fall under tax audit?
This query is : Open
R.MEENAKSHI SUNDARAM
(Querist)
28 February 2017
1. Who are all fall under " Tax Audit "? (e.g:. Individual/HUF/ Firm)
2. If a Person falls under the preview of Tax Audit, what happens if he is not maintaining the Books of Account for the Financial year? how can it be justified?
2. If a Person falls under the preview of Tax Audit, what happens if he is not maintaining the Books of Account for the Financial year? how can it be justified?
CA S K MISHRA
(Expert)
28 February 2017
As per section 44AB of Income Tax Act , following persons are compulsorily required to get their accounts audited :
•A person carrying on business, if his total sales, turnover or gross receipts (as the case may be) in business for the year exceed or exceeds Rs. 1 crore.
•A person carrying on profession, if his gross receipts in profession for the year exceed Rs. 50 lakhs.
Persons includes individual, HUF, firm , Companies etc.
•A person carrying on business, if his total sales, turnover or gross receipts (as the case may be) in business for the year exceed or exceeds Rs. 1 crore.
•A person carrying on profession, if his gross receipts in profession for the year exceed Rs. 50 lakhs.
Persons includes individual, HUF, firm , Companies etc.
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R.MEENAKSHI SUNDARAM
(Querist)
01 March 2017
thank you sir
R.MEENAKSHI SUNDARAM
(Querist)
01 March 2017
if that person is " not maintaining books" of accounts is it having any impact while going for tax audit..?
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