Tax audit limit of cng pump dealer?

Others 201 views 2 replies

Practising Chartered Accountant

36 Points Joined October 2009

Dear All,

We are CNG Pump Dealers of Mahanagar Gas Limited (MGL). MGL deducts TDS on our fees U/s 194C.

Our turnover per year is approx 90 lacs. So, we wish to know whether we will be liable for Tax Audit or not?

Will be be classified as Profession or Business?

Awaiting for your kind reply.

Thanks

Replies (2)

CA Final

2405 Points Joined April 2010

It will be classified as a Business and you will be not liable for tax audit. Tax audit limit is given below:

In case of Business	Rs.2 Crore
In case of Professional	Rs.25 Lakhs

26 Points Joined September 2015

i think its 50lakh instead of 25 lakh

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