Tax audit for loss assessees and companies

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11 Points Posted on 11 September 2020
is tax audit compulsory for loss assessees and companies
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On 11 September 2020 at 23:22 Report
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This discussion clarifies the conditions under which a tax audit becomes compulsory for loss-making assessees and companies. Generally, a tax audit is required if your turnover exceeds one crore in the previous financial year. For individuals, HUFs, and partnership firms, a tax audit is also mandatory if reported profits fall below 6% or 8% of the turnover, respectively.

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CHARTERED ACCOUNTANT
1190 Points Posted on 11 September 2020

Tax audit is required on the basis of turnover if it exceeds one crore during the previous year.

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On 11 September 2020 at 23:44
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Paid Assistant
155 Points Posted on 12 September 2020
In case of Individuals , HUF and Partnership firm tax audit should be mandatory if profit shows less than 6% or 8% of turnover.
Other than above, tax audit requires, if they exceed the turnover limits.
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On 12 September 2020 at 07:43

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