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who is liable for Tax audit
anyone can tell me who is liable for Tax audit.... in brief
Replies (3)
For any income under head 'PGBP' where section 44AB is aplicable.......
whose gross receipt exceed 1 cr in company and 50 lakh and above in profession is livable to tax audit
TAX AUDIT IS APPLICABLE IN FOLLOWING SITUATIONS
1) If an assessee having business turnover of more than 1 Crore
2) if an assessee having professional receipts more than 50 lakhs
3) if assessee opt for Presumptive taxation limit is 2 crore
4) if assessee fails to opt Presumptive taxation u/s 44AD, 44ADA for a continues period of 5 years
1) If an assessee having business turnover of more than 1 Crore
2) if an assessee having professional receipts more than 50 lakhs
3) if assessee opt for Presumptive taxation limit is 2 crore
4) if assessee fails to opt Presumptive taxation u/s 44AD, 44ADA for a continues period of 5 years
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