A sole prop firm has total receipts (not sales) of 95 lakhs in Fy 2014-15
Is it required to get tax audit done for the given Fy?
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Turnover for tax audit
Replies (8)
tax audit applicability: income from business > 1Cr
or
income fom profession >25 Lakhs.
if other income >1cr/25lakhs, no tax audit.
If sales/service income also does not exceed the limit of 1 crore, then tax audit not required.
Otherwise 8 percent net profit will be shown. If not possible get audit reports and file
sir for unsecured loans whether we have to give the relationship and all for IT Returns. please reply
Rightly said if the threshold exceeds then tax audit is applicable:
a) Sales / Turnover > 1cr
b) Professional Receipt > 25 lac
U/s 44AB Said,tax audit applicability if suppose 1.turnover exceed 1crore 2.Below 8% NP. If suppose U r turnover exceed 1 crocre and u show NP above 8% so than not applicaable
And books maintain u/s 44AA ALSO SAME
yes meena, if u are eligible for tax Audit, you have to give PAN and Address of the person and your relationship for the unsecured loan in the Reports
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