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
Sanjay Kumar Agarwal (Project Finace) (43 Points)
17 September 2010A 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
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
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