Can any one let me know if our one proprietor provide services and his turnover of service is 85 lac then audit is required or not?
prasad Nilugal
( GST Practitioner & Accounts )
(14536 Points)
Replied 28 September 2019
What type of service ? nature of business . and Have you before in the last five year Tax under presumptive Income scheme under Section 44AD or 44ADA .
deepak
(PCS)
(424 Points)
Replied 28 September 2019
Suresh Thiyagarajan
(Student)
(3986 Points)
Replied 28 September 2019
1. If you are engaged in the business then limit for tax audit will be Rs.1 crore.
2. If you are engaged in the services then limit for the purpose of tax audit will be Rs.50 lakhs.
3. Since you have mentioned it as a service limit of Rs. 50 lakhs will be applicable for you. Make sure you are carrying on profession specified under sec 44AB. Tax audit will be applicable for you since your T.O is more than Rs. 50 lakhs.
Please correct me if the above solution has an alternative view.
prasad Nilugal
( GST Practitioner & Accounts )
(14536 Points)
Replied 28 September 2019
What type of service ?. nature of business .
deepak
(PCS)
(424 Points)
Replied 28 September 2019
deepak
(PCS)
(424 Points)
Replied 28 September 2019
Kapadia Pravin
(17254 Points)
Replied 28 September 2019
Live class on PF & ESI Enrollment & Returns Filing(with recording)
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