Hi,
One of our freind is vodafone dealer.
His gross receipts will be morehtan Rs.60 Lakhs
But payments to vodafone will be Rs.57 Lakhs
Blanace will be his margin.
Whether tax audit is applicable to him?
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Tax audit applicability
Replies (4)
Tax Audit is done if gross turnover of an assessee exceeds Rs.60 Lac
in case of non -professionals and in case of Professionals the limits
is 15 lac, this audit is complusory to be done by a CA.
In your case it is applicable irrespective of payment of Rs. 57 lac.
yes he covered u/s 44AB of the act as the gross receipts exceeds the limit of Rs. 60 lacs
In case he is getting commission from the cellular company and being issued FOrm 16A, TDS Certi.
then commission only will be considered and as such may not be liable to Tax Audit.
In case he is getting commission from the cellular company and being issued Form 16A,
or the margin is in the form of commission,
then commission only will be considered and as such may not be liable to Tax Audit.
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