Is it necessary to do Tax Audit if the turnover crosses Rs.40 lakhs for a Individual/HUF also? Or are there any other criteria associated with it?
Divya K S
(CA)
(289 Points)
Replied 21 December 2010
Yes, if the gross turnover from business is more than 40 lakhs & gross receipts from profession is more than 10 lakhs for any person, then tax audit is mandatory.
Govind
(Article)
(227 Points)
Replied 22 December 2010
I knew about this. But is there any other criteria associated with turnover for tax audit??
Thanx..
Divya K S
(CA)
(289 Points)
Replied 22 December 2010
No. There is no other criteria. But under the cases of presumptive taxation, ie, u/s 44AD, 44AE & 44AF if the assessee claims the income to be lesser than the limits specified in the respective sections then maintaining books of account & audit is mandatory.
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