Tax audit applicablity

Originally posted by : Bharti Sukhani
	Wil Tax Audit be applicable to a Private Company who is engaged in a Business with Gross Receipts from Business less than 60 Lakhs in FY 11-12, the company also provides Technical Consultancy Services,the gross receipts from Consultancy Services in FY 11-12 crosses 15 Lakhs Will Company be liable to Tax Audit ?

In the case of an assessee carrying on business and at the same time engaged in a profession.
.
Professional receipts > 15 Lakhs and Turnover or gross receipts in business < 60 Lakhs

Necessary for him to get his accounts of the profession and also the accounts of the business audited because the gross receipts from the profession exceed the limit.
.
Professional receipts < 15 Lakhs and Turnover or gross receipts in business < 60 Lakhs

It will not be necessary for him to get his accounts audited, because his gross receipts from the profession as well as total sales, turnover or gross receipts from the business are below the prescribed limits.
.
Refer Para 5.16 of Guidance Note on Tax Audit under Section 44AB of the Income-tax Act, 1961 (Revised 2005 Edition)

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