A sole prop firm has total receipts (not sales) of 95 lakhs in Fy 2014-15
Is it required to get tax audit done for the given Fy?
8 Replies
Rashi Bajaj
(CA)
(752 Points)
Replied 11 August 2015
tax audit applicability: income from business > 1Cr
or
income fom profession >25 Lakhs.
if other income >1cr/25lakhs, no tax audit.
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 11 August 2015
If sales/service income also does not exceed the limit of 1 crore, then tax audit not required.
gurunadhan
(tax consultant)
(24 Points)
Replied 11 August 2015
Otherwise 8 percent net profit will be shown. If not possible get audit reports and file
Meena
(Accounts Manager)
(30 Points)
Replied 11 August 2015
sir for unsecured loans whether we have to give the relationship and all for IT Returns. please reply
Sathish M
(Management Accountant)
(40581 Points)
Replied 12 August 2015
Rightly said if the threshold exceeds then tax audit is applicable:
a) Sales / Turnover > 1cr
b) Professional Receipt > 25 lac
hareesha g
(ca practice )
(32 Points)
Replied 12 August 2015
U/s 44AB Said,tax audit applicability if suppose 1.turnover exceed 1crore 2.Below 8% NP. If suppose U r turnover exceed 1 crocre and u show NP above 8% so than not applicaable
Husain S Tohfafarosh
(Chartered Accountant)
(40 Points)
Replied 13 August 2015
yes meena, if u are eligible for tax Audit, you have to give PAN and Address of the person and your relationship for the unsecured loan in the Reports
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