Suppose a firm has turnover of Rs. 75,00,000 and its income is Rs. 2,15,000 and after chapter VI-A deductions, the taxable amt is below the basic taxable limit i.e. 1,60,000.
So, is it required for the firm to get its accounts Audited and File its return or only Audit or only return or nothing is required.? Please tell the suitable option.
Thanks.
Always chk GROSS TURNOVER/ RECIEPTS n not income of any assessee to chk whther liable to tax audit or not .
In ur case its exceding60,00,000 if business n15,00,000 if profession so its liable to tax audit.
yes I agree with tushar
yes audit is compulsory in this case
Yes Audit is compulsory.
Always remember threshold limit for audit is based on turnover / gross receipts not on income......
hence in ur case audit is compulsory u/s44 AB as turoverexceeds Rs.60,00,000/-
audit is mandatory. income is not important, important thing is gross turnover. As your turnover exceeds 6000000 then you are liable for audit..... agree will all of my CCI friends...
Audit is compulsory in this case. I m also agree with Tushar.
audit is compulsory
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