Celebrate Freedom and save 20% OFF on CAclubindia Pro Subscription! Use code: FREEDOM20

who is liable for Tax audit

AKASH TYAGI (Senior Accountant) (32 Points)

25 August 2018

anyone can tell me who is liable for Tax audit.... in brief

Reply
Follow
Share

3 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (171203 Points)
Replied 25 August 2018

For any income under head 'PGBP' where section 44AB is aplicable.......

Upgrade to CAclubindia Pro. Subscribe Now!

Rakesh Mudaliar (Student) (36 Points)
Replied 25 August 2018

whose gross receipt exceed 1 cr in company and 50 lakh and above in profession is livable to tax audit

1 Like

CA P V N Varma (CA ) (609 Points)
Replied 25 August 2018

TAX AUDIT IS APPLICABLE IN FOLLOWING SITUATIONS
1) If an assessee having business turnover of more than 1 Crore
2) if an assessee having professional receipts more than 50 lakhs
3) if assessee opt for Presumptive taxation limit is 2 crore
4) if assessee fails to opt Presumptive taxation u/s 44AD, 44ADA for a continues period of 5 years

1 Like