Hi
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.
44AD ll be applicale.
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.
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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