If sale Rs.7 lakhs & Gross Receip in Bank is Rs.55 lakhs, is Tax audit applicable in this case?
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.
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
CAclubindia
