Tax Audit Applicability

Ganesh (Final) (87 Points)

16 September 2010

If sale Rs.7 lakhs & Gross Receip in Bank is Rs.55 lakhs, is Tax audit applicable in this case?

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Kamal Jain (FCA) (200 Points)
Replied 17 September 2010

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

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vkbothra (Learning ) (690 Points)
Replied 17 September 2010

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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(Guest)

dear friend

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

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Ganesh (Final) (87 Points)
Replied 18 September 2010

Manufacturing & Trading Business

Nabeel (CA) (3288 Points)
Replied 11 October 2010

For business - 40 lakhs

For Profession - 10 lakhs

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