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TAX AUDIT applicability
Turnover below 1 Cr, Profit below 6%/8%. Maintains Books of accounts. Is Tax Audit mandatory?
Replies (7)
Quick Summary
No as per Sec 44AB tax audit is not mandatory.
In my opinion Tax Audit is applicable if the net total income exceeds Basic exemption limit and the net profit is below 6% /8% even if the turnover is below 1 crore
No... tax audit not applicable
Tax audit applicable because profit is below limit
Tax audit is reqd as profit is below the profit stipulated u/s 44ad
Tax audit is applicable above 1cr or say 1 cr is the basis or say mandatory rule but
secondary rule is if a person profit is above 50 lakh or little bit lower then if he or she wants to do audit or wants to maintain books of account they can did fully depends upon the client
secondary rule is if a person profit is above 50 lakh or little bit lower then if he or she wants to do audit or wants to maintain books of account they can did fully depends upon the client
50 lakh is for professionals
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