Dear Professionals,
One of my client Received ₹2.08 Cr in FY:2017-18 (From USA)
Invoice Issued only for ₹1.95 Cr
Balance Invoices raised in FY:2018-19
for ₹0.13 Crs.
₹0.13 Crs shown as advance received from Customer in B/S as on 31/03/18.
Now my query is Tax Audit Applicable in this case..?
Business: Rs. 1 Crore.
It means an assessee need to be audited under Sec 44AB if his annual gross turnover/receipts in business exceeds Rs. 1 Crore. This provision is applicable from F.Y. 2016-17 (A.Y. 2017-18)
Profession: Rs. 50 Lakh.
It means an assessee need to be audited under Sec 44AB if his annual gross receipts in profession exceeds Rs. 50 Lakh. This provision is applicable from F.Y. 2016-17 (A.Y. 2017-18)
Depends upon Nature of Receipt 50/100 Lakh.
But as you said your income is 2.08 Crore. It means you are liable for Tax Audit.
CAclubindia
