Intermediate Student (-) (644 Points)
09 January 2015
pallav
(still a learner....)
(938 Points)
Replied 09 January 2015
Kavyaa
(Budding CA)
(107 Points)
Replied 09 January 2015
Tax audit
tax audit income slab
for business income=Rs.1crore
for professional income=Rs.25lakhs
your query is not clear whether the income is by way of business or profession. Assuming your income is business income, the tax audit is not applicable as it did not exceed Rs.1crore.
Maintaining books
Books of accounts need to be maintained u/s44AA where the income(profit) by way of business or profession exceed Rs.1,20,000 or where the turnover exceeds Rs.10,00,000.
In your case, the above condition is fulfilled and you need to maintain proper books of accounts.
satyashi
(Student C.A. final)
(212 Points)
Replied 10 January 2015
YES DEAR,
THE ASSESSEE IS LIABLE FOR TAX AUDIT U/SEC 44 AD AS THE PROFIT DECLARED IS LESS THAN 8% THE PRESCRIBED % IN CASE OF PRESUMPTIVE TAXATION.
Thank You
Intermediate Student
(-)
(644 Points)
Replied 10 January 2015
PF & ESI Course - Labour Code 2019 Along with Examples and Case Studies
CAclubindia
