Tax Audit Applicability

What is the nature of business and what is the nature of 55 Lac receipts?

Tax Audit

for business - turnover is more than 40 lacs.

for profession (like CA, Dr. etc.) - receipts is more than 10 lacs.

for Share trading - Amount of profit and amount of loss (add both of them) is more than 40 lacs.

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dear friend

if the turnover/ gross receipts / total sales in business exceeds rs.4000000 then u are liable to tax audit.

Manufacturing & Trading Business

For business - 40 lakhs

For Profession - 10 lakhs