Tax Audit Requirements IN Business and Profession
Tax Audit Requirements
Tax Audit Required in Business If
- Turnover INR. 1 Crore or more OR
- Net Profit is less than 8% of turnover OR
- More than 10 vehicles
- Gross Receipt INR. 25 lacs or more
- Failure to maintain Books u/s 44AA will attract penalty of INR.25,000.
- Failure to get accounts audited or furnish Tax Audit Report as required u/s 44AB will attract penalty of 0.5% of total Sales/Turnover/Gross Receipt or INR.1,50,000 whichever is less.
- TDS to be deducted by an Individual/HUF in respect of payments made if the books are Audited last year u/s 44AB.