manohar pawar (Accountant) (64 Points)
27 May 2011Hi
My freinds having on propritery firm. in F.Y 10-11 is Gross Receipts 55 lacs. my questions is Income tax issued new tax audit limit rs 60 lacs from 1.4.11 . now i want to know he is applicalbe for that tax audit limit or not. pls help me. or as per old limit 40 lcas he is applicable for tax audit.
Mohammad Asif
(chartered accountant)
(191 Points)
Replied 27 May 2011
if it is actually receipts from profession then tax audit is required and if you are referring to turnover/sale then tax audit not required.
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 27 May 2011
if there is turnover of 55 lakh than no tax ausit will be done if the firmm shows more than 8% nett profit
| Originally posted by : future ca | ||
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if there is turnover of 55 lakh than no tax ausit will be done if the firmm shows more than 8% nett profit |
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