A sole prop firm has total receipts (not sales) of 95 lakhs in Fy 2014-15
Is it required to get tax audit done for the given Fy?
Rashi Bajaj
(CA)
(752 Points)
Replied 11 August 2015
tax audit applicability: income from business > 1Cr
or
income fom profession >25 Lakhs.
if other income >1cr/25lakhs, no tax audit.
CMA Poornima Madhava
(CMA)
(13097 Points)
Replied 11 August 2015
If sales/service income also does not exceed the limit of 1 crore, then tax audit not required.
gurunadhan
(tax consultant)
(24 Points)
Replied 11 August 2015
Meena
(Accounts Manager)
(30 Points)
Replied 11 August 2015
Sathish M
(Management Accountant)
(40581 Points)
Replied 12 August 2015
hareesha g
(ca practice )
(32 Points)
Replied 12 August 2015
Husain S Tohfafarosh
(Chartered Accountant)
(40 Points)
Replied 13 August 2015
yes meena, if u are eligible for tax Audit, you have to give PAN and Address of the person and your relationship for the unsecured loan in the Reports
CAclubindia
