Audit report in case of 5 lacs income

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DEEPAK MANDAL (Querist)
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04 May 2013
1. 5 Lacs Income condition (Audit) is also applicable for Salaries Person ?

2. In the cases of Business Income Rs. 5.00 is applicable after or Before Deduction (80-C,D,G Etc.) ?

MAHENDRA KUMAR BAGRECHA

MAHENDRA KUMAR BAGRECHA (Expert)
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05 May 2013 Hi,

Audit for salaries person of income Rs.5L - can you give relevant section...

CA Mahavir Shah

CA Mahavir Shah (Expert)
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06 May 2013 Don't get confused reading News Headlines.
It says if any person has Taxable Income Exceeding Rs.5 Lacs, he needs to file returns online.
So far as Audit Report is concerned if assessee is not earning any Business income exceeding Rs.1 Crore or Professional Income exceeding Rs.25 Lacs you need not get your accounts Audited.

Moreover now we have to file Audit Reports Online, if applicable.

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DEEPAK MANDAL

DEEPAK MANDAL (Querist)
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06 May 2013 Thank you sir for very nice explanation.