one person is having business and profession , what is the tax audit limit for him.
How we have to see business wise or person wise.
in the present case total turnover is more than 50L( business is 40L and profession is 13L), whether tax audit will applicable for him?
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Tax audit applicability for business and profession
Replies (4)
For business and profession limit is 1 crores rupees if cash transactions exceeds 5% and 10 crores rupees if cash transactions is limited to 5% and online mode will be 95% subject to 5 crores rupees.
No, tax audit is not applicable in both the cases
No, tax audit is not applicable in both the cases
In you case Tax audit is not applicable
Business and profession are considered separately.
so audit is not applicable in your case
so audit is not applicable in your case
I think tax audit is not applicable
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