Please Tell abt the Tax Audit Critaria for the A.Y.2008-09
CA.Madhu
(Charted Accountant)
(204 Points)
Replied 29 December 2008
For the business if their turnover exceeds Rs.40 Lacs during the previous year and if the assessee practicising a profession and turnover exceeds Rs.10 lacs mandatorily required to audit the accounts as Per section 44AB of the income tax act and should be filed before the due date i.e Sep 30th.
If the assessee is failed to file same without reasonable cause, he will be liable for penalty for Rs.1 Lac or 0.5% of Turnover which ever is less.
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