Friday, July 31, 2015

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
Tax Audit Required in Profession If
  • 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.


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