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Query relating to tax audit applicablity.

CA Final 325 views 3 replies
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Student CA Final
13 Points Posted on 15 July 2018
My client has turnover of 65 lakhs and his actual net profit is below 2.5 lakhs per annum and if he opts for ptt then his income would be 5.20 lakhs. So if he show his income below 2.5 lakhs whether tax audit is compulsory?
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On 15 July 2018 at 14:59 Report
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Chartered accountant
103 Points Posted on 15 July 2018
If u want to show profit percentage less than which is prescribed in ptt then compulsory u need to get ur FS get audited.
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On 15 July 2018 at 15:13
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Student CA Final
13 Points Posted on 15 July 2018
but as per the provisions if the income under normal provisions does not exceed 2.5 lakhs and turnover does not exceed 1 crores tax audit will not be applicable
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On 15 July 2018 at 15:17
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kanhangad
40 Points Posted on 15 July 2018
2.5 benefit can be enjoyed only by individual /HUF

Other all cases tax audit applicable if there is taxable income...
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On 15 July 2018 at 20:07


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