| Question And Answer | |
|---|---|
| Subject: | When the Turnover is Rs 70 lakhs whether Tax Audit required or Not? |
| Category: | Income-Tax |
| Querist: | Vishal Shah |
| Answered by: | Advocate Shashi Ashok Bekal |
| Tags: | Tax Audit, Turnover |
| Date: | May 15, 2021 |
FY 2020-21
Tournover 70 lakhs(Through Bank)
Profit – 287000
Tax audit required ?
If required then under which section?
Based on our understanding of the question,
Assuming the assessee is engaged in business and not in profession.
Tax Audit is applicable if total sales, turnover or gross receipt from business during the previous year exceeds Rs. 1 crore.
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TURNOVER OF BUSINESS IS 70 LAC AND NET PROFIT IS 2.40 LAC IN THIS AUDIT REQUIRE OR NOT