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TAX AUDIT OR SELF ASSESSMENT

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online

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online (Querist)
19 July 2024 Please do let me know the applicability of tax audit to a proprietorship concern who have the turnover of Rs.5.6 crores, whether we need to go in for tax audit or self assessment is enough.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
19 July 2024 Depends upon cash receipts and expenses. If both be above 5% then tax audit mandatory.
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Shalini RN online

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Shalini RN online (Querist)
19 July 2024 Ok sir, thank you,
Is there any such limitations on turnover value
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
19 July 2024 For turnover up to 10 Crs, tax audit u/s. 44AB not mandatory, if cash transactions are up to 5% of total transactions.
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Shalini RN online

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Shalini RN online (Querist)
19 July 2024 Thank you very much sir
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
19 July 2024 You are welcome.

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