11 July 2015
Dear Sir, In case of an individual, during the fy 2014-15, total sale is Rs. 74 lacs and net profit thereon is Rs. 2.95 lacs and investment u/s 80C is Rs. 50000/-
Whether the assessee is liable to audit as his income is above 2.5 lacs or He is not liable as he has no tax liability after deducting 80C amount out net profit.
11 July 2015
Dear As per Invcome tax act, in case of Business if tournover above 1crore or Professional People total Receipts i.e. professional fees/commission etc above Rs. 25Lakh then Income tax Audit is compulsory otherwise not.
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