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Tax audit applicability

06 August 2020

A person has bussiness income of Rs. 95 lacs and professional income of Rs. 47 lacs.
Is this person applicable for tax audit

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CA ABHAY GUPTA (Practice) (3230 Points)
Replied 06 August 2020

Where a person is carrying on business as well as profession and the Turnover of the business is Rs. 1.2 Crore and the Gross Receipts of the profession is Rs 47 Lakhs. In such a case, ICAI has clarified through a Guidance Note that the Assessee is liable to get the Tax Audit done of both the business as well as profession because the Gross Receipts from the business exceed the limit of Rs. 1 Crore. However, if his Total Turnover was Rs. 95 Lakhs and Gross Receipts from business was Rs. 47 Lakhs, he would not be required to get his Tax Audit done.

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