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Tax Audit Applicability

Posted @ July 23, 2013, 4:31 am under (TAX AUDIT)

Tax Audit
 
An Assessee is liable to get his Tax Audit done by a Chartered Accountant mandatorily, if in the previous year,
 
1. The Person is carrying on business and his Total Sales/Turnover exceeds Rs. 1 Crore (Limit increased wef 1st
April 2012) or
 
2. The Person is carrying on Profession, and his Gross Receipts exceed Rs. 25 Lakhs (Limit increased wef 1st April
2012) or
 
3. The Person is carrying on business or profession and is covered under the provisions of section 44AD, 44AE,
44AF, 44BB or 44BBB and claims that his income from the said business is lower than the deemed profits and
gains computed under the relevant section
 
The Due Date of filing of Income Tax Return of an Assessee liable to get his Tax Audit done under Section 44AB is
30th September. For all other assessee’s who are not liable to get their Tax Audit done under Section 44 AB – the Due
Date of filing of Income Tax Return is 31st July.

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