Income tax audit applicability
This query is : Resolved
15 September 2015
1)Mr. X has a turnover if Rs. 45 lacs in Financial year 14-15.
2) Has filed itr 4 on 31st July 2015
3) profit shown is below 8%
4) Profit n loss and Balance Sheet is shown in income tax return.
Whether Tax audit is mandatory?
Please guide.
Thank you
Regards,
Devendra Kulkarni
16 September 2015
Tax audit is mandatory if total income shown in the return is above basic exemption limit.
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