Tax audit limit

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Sagar (Querist)
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27 July 2012 My client is having a sales turnover of Rs. 20 Lacs and purchases turnover of Rs. 15 Lacs. But apart from the above during the financial year my client has purchased the machinery of worth Rs. 250 Lacs. Therefore I want to know whether he is liable for Tax audit or not? As due to depreciation he is having loss return and therefore I want to confirm the due date of filing of return.

Mohit Naithani

Mohit Naithani (Expert)
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27 July 2012 He is not cover under Sec 44AB for Compulsory Audit. the limit is Rs 6000000 for A.Y. 12-13 and Rs 10000000 (1 Crore) for A.Y. 13-14 onwards.

Sagar

Sagar (Querist)
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27 July 2012 Sir, Thanks for the guidance. But as my client has purchased machinery of worth Rs. 250 Lacs, still is he not covered under section 44AB?

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Mohit Naithani

Mohit Naithani (Expert)
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27 July 2012 Purchase of Machinery is not cover under this act hence even after purchase of such machinery of Rs 250 Lakhs Assessee is not liable for compulsory Audit...

Guest

Guest (Expert)

27 July 2012 Agree with expert.

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