Q.1 Is Tax Audit Is Required?
Status: AOP
A.Y: 2014-15
Turnover: Rs 63 lakh
Net Profit/ Surplus: Rs 184000
Q.2 What if When Total Turnover is Rs 63 lakh and Net profit is Rs 240000 & A.Y 2014-15 Is tax Audit is Required in this case?
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Requirement of tax audit
Replies (2)
In case of business, tax audit is required for turnover more than 1 crore.
In case of professionals, limit is 50 lacs.
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