A proprietorship firm having tax audit u/s 44AB consecutive last 3 years, current year Turnover is Rs 38 lacs only.
Is the firm required to get accounts audited this year too?
Pls update with some references.
Thanks
SKA
4 Replies
ASHWIN THE ROCKSTAR
(ARTICLE)
(23 Points)
Replied 18 September 2010
This Year Tax Audit Not Required as Turnover is less than Rs. 40 Lacks i.e. below Limit!!!!!!!!!!!
Manoj BG
(Tax Professional and in Service)
(1795 Points)
Replied 18 September 2010
HI DEAR,
OF COURSE NOT. FOR ELIGIBILITY TO GET TAX AUDIT DONE, THAT YEAR'S TURNOVER/ GROSS RECEIPTS IS IMPORTANT AND TURNOVER/ GROSS RECEIPTS OF LAST YEAR'S DOESN'T HOLD ANY RELEVANCE FOR TAX AUDIT ELIGIBILITY IF THE CURRENT YEAR.
REGARDS,
MANOJ
Recent Topics
- Clarity regarding Sec 16(4)
- GST ON HOTEL ROOMS details
- Relief for Delayed Filing of Tax Forms
- Expire stock
- INCOME TAX AY 25-26
- Experienced CA firm for accounting & auditing
- Regarding Perquisite Tax on ESOP - Unlisted Compan
- Casual Taxable Person under GST
- Extended Date of GSTR-1 for the month of July 2020
- NRO Interest - Taxed at source and in Foreign Coun
Related Threads
CAclubindia
