Dear Experts,
Whether a company is always required to tax audit irrespective of the turnover?
or
A company is required to tax audit when the gross receipts exceed the amount referred u/s 44AB?
Pawan Mittal (CA Final) (711 Points)
24 August 2013Dear Experts,
Whether a company is always required to tax audit irrespective of the turnover?
or
A company is required to tax audit when the gross receipts exceed the amount referred u/s 44AB?
sanjana
(article)
(80 Points)
Replied 24 August 2013
If the turn over/ gross receipts exceeds the limit u/s 44AB in the previous year, then it is a tax audit for tat Assessment year alone
CA LOVELY ARORA
(C.A. B.Com (H) Graduate)
(2151 Points)
Replied 24 August 2013
Dear Pawan,
yes, company is liable for tax audit u/s 44AB only when its turnover exceeds the prescribed limit.
And, as generally, all companies are required for stat. audit generally, for which no limit is there. But for tax audit only limited companies (whose turnover exceeds Rs. 1 crore) required to have tax audit.
Best Regards,
CA Lovely Arora
ca.lovelyarora @ gmail.com
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