Is it necessary to do Tax Audit if the turnover crosses Rs.40 lakhs for a Individual/HUF also? Or are there any other criteria associated with it?
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Tax Audit
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Yes, if the gross turnover from business is more than 40 lakhs & gross receipts from profession is more than 10 lakhs for any person, then tax audit is mandatory.
Agree with divya
I knew about this. But is there any other criteria associated with turnover for tax audit??
Thanx..
No. There is no other criteria. But under the cases of presumptive taxation, ie, u/s 44AD, 44AE & 44AF if the assessee claims the income to be lesser than the limits specified in the respective sections then maintaining books of account & audit is mandatory.
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