CA P KARTHIKA (Chartered Accountant) (715 Points)
08 January 2011Hi All,
Can Anybody tell me if a assessee (individual) for whom tax audit was applicable in assessment year 2009-10 but in A.Y. 2010-11 his turnover does not exceed the limits so tax audit is applicable for him or not?
Is it a company what's the implications? tax audit applicable or not?
Devendra
(Chartered Accountant)
(4775 Points)
Replied 08 January 2011
No Tax Audit is not applicable to the assessee.
Regards,
Devendra Kulkarni
CA Mohit Thareja
(Assistant Manager-Accounts & Finance)
(1117 Points)
Replied 08 January 2011
| Originally posted by : Devendra | ||
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No Tax Audit is not applicable to the assessee. Regards, Devendra Kulkarni |
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agree......
Tehsinkhan Pathan
(CA CMA DISA(ICAI) B.COM)
(3956 Points)
Replied 09 January 2011
"NO, TAX AUDIT IS NOT AT ALL APPLICABLE TO ASSESSEE IF PRESCRIBED LIMIT IS NOT CROSSED FOR THE YEAR CONCERNED"
As far as TAX AUDIT is concerned, the gross receipts or turnover is taken into account for the year concerned i.e. it is purely year basis.
It is not necessary that if tax audit was applicable in A.Y.2009-10 then it wil also applicable in A.Y.2010-11
Nilesh Jain
(Assistant Manager)
(1064 Points)
Replied 10 January 2011
In this case tax audit is not applicable for individual for the A.Y. 2010-11.
In the case of company also tax audit will not be applicable, but statutory audit will be there.
@*CS Siddharth Bumb. *
(B.Com, CA Final, CS )
(5270 Points)
Replied 10 January 2011
no tax audit will not be applicable, only in case of Company it is compulsary immaterial of turnover
Sandeep Pandey
(CA FINAL)
(1306 Points)
Replied 10 January 2011
| Originally posted by : Nilesh | ||
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Agreed with Nilesh |
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