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

  

Note:

• 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.

Posted by Accounting and Taxation at 12:46 AM

Labels: Audit, Income Tax