Tax Audit Full Details

Who are the Filed to Tax Audit???
How do Maintain in books of Account???
Replies (2)
Quick Summary
This discussion clarifies the criteria for mandatory tax audits, primarily focusing on businesses with sales, turnover, or gross receipts exceeding Rs 1 crore. It also touches upon other circumstances that might necessitate an audit, referencing specific sections like 44AD and 44AA for guidance on maintaining books of account. The conversation also briefly explores whether a net profit below 8% could trigger a tax audit.

A taxpayer is required to have a tax audit carried out if the sales, turnover or gross receipts of business exceed Rs 1 crore in the financial year. However, a taxpayer may be required to get their accounts audited in certain other circumstances ex section 44AD. For books of accounts refer section 44AA
Below 8 % of Net Profit going to Tax Audit ?

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