Annual return or tax audit

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aaditya (Querist)
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18 December 2012 Respected all

for a prop. firm which tornover is 1.5 crore is liable for annual return or tax audit.

and annula return(Form23) will be applicable only on company or on prop. firm.

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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18 December 2012 For business whose turnover exceeds Rs60 lacs upto A.Y2012-13 and Rs. 1 crore from A.Y.2013-14 should be make tax audit u/s 44AB even though those are liable for annual return. Annual return is liable for companies only. However each assessee whose gross total income exceeds basic exemption limit should be file their return of income every year. But salary parsons has exemption to file income tax return by satisfying prescribed some conditions.

So your case has to be tax audit u/s44AB.

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