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?
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Income tax query
Replies (7)
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 .
No we have filing itr-3 and want to know turnover limit for audit
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 .
He is not professional only service provider and turnover of service of rs85 lac
He is man power service provider not professional then he is liable or not
@ Deepak
In your case tax audit is not applicable as gross receipts are 85 lakhs against the required minimum limit of 1 crore
In your case tax audit is not applicable as gross receipts are 85 lakhs against the required minimum limit of 1 crore
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