If sale Rs.7 lakhs & Gross Receip in Bank is Rs.55 lakhs, is Tax audit applicable in this case?
5 Replies
Kamal Jain
(FCA)
(200 Points)
Replied 17 September 2010
What is the nature of business and what is the nature of 55 Lac receipts?
vkbothra
(Learning )
(690 Points)
Replied 17 September 2010
Tax Audit
for business - turnover is more than 40 lacs.
for profession (like CA, Dr. etc.) - receipts is more than 10 lacs.
for Share trading - Amount of profit and amount of loss (add both of them) is more than 40 lacs.
;)
DT Fundas - Tarun rustagi
( Author)
(1150 Points)
Replied 17 September 2010
dear friend
if the turnover/ gross receipts / total sales in business exceeds rs.4000000 then u are liable to tax audit.
Recent Topics
- DIR 3 Web KYC
- Can i declare LTCG income as business income if I
- Stock entry in new software
- I have an EMI collection shop, what is its SAC cod
- Making payment once in quarter possible under QRMP
- Master File Documentation related
- Applicability of 44AD needs clarification
- ITC reversal in GST 3B
- Claim if ITC on stocks 19-2020 conversion from com
- Urgent doubt on GST
Related Threads
CAclubindia
