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Income Tax Audit
My client has a turnover of ₹.92Lakhs in F.Y.:2019-20. Nett Profit of the firm computes to ₹.2,50,000.00 (Net Income also) which is below taxable limit. Now i would like to know whether he is liable for audit? Experts please guide.
Replies (2)
Quick Summary
For tax audit, If the assessee turnover for financial year exceeds Rupees 1 cr. for business then he is liable for tax audit and for profession income exceeds Rs. 50 lakhs then he will be liable for tax audit..
In this case income was less than 1cr. so tax audit is not liable
In this case income was less than 1cr. so tax audit is not liable
As per 44AB if assessee falls in 44AD and assessee income less than 8% or 6% and his Net total income is more than basic exemption limit then he is liable for tax audit
As in your case net income is Rs.250000 no need for tax audit
As in your case net income is Rs.250000 no need for tax audit
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