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Tax audit is applicable in f.y.2013-14 to an enterprise . is tax audit applicable if turnover in previous year(14-15) is less than 1crore ( from business)

Dahiya Narayana singh (Student CA Final ) (29 Points)

22 December 2015

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4 Replies

CMA Poornima Madhava (CMA) (13112 Points)
Replied 22 December 2015

If turnover or gross receipts in FY14-15 do not exceed Rs.1 crore, then no tax audit u/s 44AB is applicable for FY14-15 even if it was applicable during FY 13-14

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J. K. Ratan (Compliance Advisor) (794 Points)
Replied 22 December 2015

Agreed with Ms. Madhava

Deepak Mittal (Partner) (43 Points)
Replied 22 December 2015

Yes I also agreed

Rohit Aggarwal (ACA Bcom (H) MBA MCom) (470 Points)
Replied 23 December 2015

The limits of tax audit needs to be checked individually for every year. The liability to conduct tax audit do not depends upon "whether audit was conducted previous year or not".

Thanks.