Can any one let me know if our one proprietor provide services and his turnover of service is 85 lac then audit is required or not?
Can any one let me know if our one proprietor provide services and his turnover of service is 85 lac then audit is required or not?
What type of service ? nature of business . and Have you before in the last five year Tax under presumptive Income scheme under Section 44AD or 44ADA .
1. If you are engaged in the business then limit for tax audit will be Rs.1 crore.
2. If you are engaged in the services then limit for the purpose of tax audit will be Rs.50 lakhs.
3. Since you have mentioned it as a service limit of Rs. 50 lakhs will be applicable for you. Make sure you are carrying on profession specified under sec 44AB. Tax audit will be applicable for you since your T.O is more than Rs. 50 lakhs.
Please correct me if the above solution has an alternative view.
What type of service ?. nature of business .
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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CAclubindia
