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Tax audit

G.S. Arora (no) (98 Points)

05 October 2016

Income from share trading under head PGBP, turnover 65 crore, profit lower than 8%.
whether liable to tax audit?

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4 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (178099 Points)
Replied 05 October 2016

Yes. Turnover more than 1 Cr.

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CA Harshal Totla (Chartered Accountant) (2229 Points)
Replied 05 October 2016

Yes, you are liable for tax audit as per provisons of section 44AB

shivaji prasad bhimavarapu (CHARTERED ACCOUNTANT) (2391 Points)
Replied 05 October 2016

Supplementing Mr Dhirajlal's reply, I suggest you to go through guidance note of ICAI in determining the TURNOVER. Based on that definition, take a decision of deemed profit or Tax audit

Mukesh Kumar (Accounts Manager) (1466 Points)
Replied 05 October 2016

YES AGREE WITH ABOVE ALL FREINDS BUT I THINKS DEMAND PROFIT IS NOT RIGHT OPTION FOR AVOID TO 44AB YOU ARE COMPULSORY TO LIABLE 44AB BECAUSE YOUR T.O. ABOVE THE LIMIT OF 44AB GOOD LUCK!