Tax audit

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articleship
99 Points Posted on 13 July 2016

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.

​​​

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On 13 July 2016 at 22:41 Report
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Student
116 Points Posted on 13 July 2016
I think tax audit will applicable in year in which limit exceeds.
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On 13 July 2016 at 22:54
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Asst Manager(Internal audit)
982 Points Posted on 14 July 2016
section clearly says that if the turnover or gross reciepts exceeds in a year, hemce it is to be seen each year differently
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On 14 July 2016 at 08:00
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PROFESSIONAL
812 Points Posted on 14 July 2016

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

 

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On 14 July 2016 at 10:41

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