Tax audit

Tax queries 273 views 3 replies

Keerthan

articleship

161 Points Joined August 2015

Hello all!Hope you have a great day.

Please helpme regarding a doubt regarding Tax Audit U/S 44AB.

Whether Tax Audit Aapplicable for only that Financial Year in which Receipts exceed Limit or once it applies for any year,It applies continuously for all the succeeding years or any Specific period.

Eg: A Professional receipts in year 2014-15 were 32 Lakhs and Tax Audit done.If Receipts for that Professional in FY 15-16 are 23lakhs.Whether Tax Audit is applicable for him?

Have any Respected Experts dealt practically.Please help me.

Replies (3)

Devang Sheth

Student

133 Points Joined October 2011

I think tax audit will applicable in year in which limit exceeds.

CA Srujann kumar Reddy

Asst Manager(Internal audit)

1679 Points Joined May 2011

section clearly says that if the turnover or gross reciepts exceeds in a year, hemce it is to be seen each year differently

Dinesh Mertiya

PROFESSIONAL

761 Points Joined December 2009

If Receipts for that Professional in FY 15-16 are 23 lakhs. Whether Tax Audit is applicable for him?

If gross receipts in profession for the financial year 2015-16 exceeds Rs 25 lakh, sec 44AB is applicable
in your case ......sec 44AB is not applicable, hence , not required to get your books/accounts audited