Tax audit applicability

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 September 2015 Dear sir,

A person had a turnover of more than 25 lakh in the last year and he had conducted his tax audit for that period. Now in the current year he has a turnover of less than 25 lakh. Whether he is liable to conduct tax audit in the current year also.

Please reply.

Thanks

Guest

Guest (Expert)

09 September 2015 No he is not required to conduct his tax audit if he is being a service provider having receipts less then Rs25 lacs.

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

09 September 2015 Please ensure, last year TAX audit was NOT conducted on account of the fact that the % profit is less than 8 % and the business is eligible business.

Upgrade to CAclubindia Pro. Subscribe Now!