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when is tax audit applicable
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Tax audit
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Hi
Tax Audits are applicable U/S
1)44AB :- when T/O exceeds the prscribed limit
2)44AD:- When assessee's income is less than income calculated on presumptive basis
3)142(2A) :- Special Audit on the direction of ITO.
Assessee does not have any benefit of tax Audit.The only person benefited from tax audits are
1)Govt
2)We Chartered Accountants........Lol
rightly said by hardik sir. Tax audit is applicable when turnover exceeds 60 lakhs or gross receipts from profession exceeds 15 lakhs in previous year
Tax Audit – A Glance (Part –I)
/articles/tax-audit-a-glance-11159.asp
Tax Audit – A Glance (Part – II)
/articles/tax-audit-a-glance-part-ii--11231.asp
Tax Audit – A Glance (Part – III)
/articles/tax-audit-a-glance-part-iii-exhaustive-reporting-on-3cd-11305.asp
Tax Audits are applicable U/S
1)44AB :- when T/O exceeds the prscribed limit
2)44AD:- When assessee's income is less than income calculated on presumptive basis
3) 44AE:- When assessee 's income is less than income calculated on presumptive basis
4) 44AF:- When assessee's income is less than income calculated on presumptive basis.
TAX AUDIT IS COMPULSORY WHEN GROSS TURNOVER IS EXCEED 60 LACKS,IN CASE OF PROFESSION GROSS RECEIPTS EXCEED 15 LACKS...
5)142(2A) :- Special Audit on the direction of ITO.
Assessee does not have any benefit of tax Audit.The only person benefited from tax audits are
1)Govt (REVENUE COLLECTION)
2)We Chartered Accountants.......(PROFESSIONAL FEES)
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