Please help is company liable to tax audit?

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Student
1374 Points Posted on 04 June 2021
if turnover is 30 lakhs and profit is 1 lakh
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On 04 June 2021 at 12:00 Report
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This discussion clarifies whether a company with a turnover of 30 lakhs and a profit of 1 lakh is liable for a tax audit. Initial advice suggested Section 44AB(e) might apply, but it was corrected that Section 44AD provisions are not applicable to companies. Therefore, a company with this turnover is generally not subject to a tax audit.

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Learner
2398 Points Posted on 04 June 2021
Yes as per sec 44AB(e)
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On 04 June 2021 at 12:36
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Learner
2398 Points Posted on 04 June 2021

sorry it won't be applicable as the provisions of sec 44AD does not apply to company.

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On 04 June 2021 at 12:41
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tax consultant
3306 Points Posted on 04 June 2021
No audit for company with 30 lacs turnover
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On 04 June 2021 at 12:54
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Chartered Accountant
24588 Points Posted on 04 June 2021
No tax audit is not applicable
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On 04 June 2021 at 12:54

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