IS AUDIT RQUIRED..??

Comments

4 comments

  • Official comment
    Team Quicko

    Hey Gaurav,

    Tax Audit is applicable in case:

    • Losses from Business/Profession
    • Profit is less than prescribed limits
    • Turnover is more than the threshold 

    You can also check your tax audit applicability using the Determine Tax Audit Tool :)

    Comment actions Permalink
  • gaurav. gupta

    My total in come was less than 2.5 lakh. And turnover less than 1 cr...so NO TAX AUDIT required ....right....but I do have a business income loss of 4 lakh..from share market ...non speculative....???

    0
    Comment actions Permalink
  • gaurav. gupta

    So do I need to get tax audit done..??

    0
    Comment actions Permalink
  • Quicko Support

    Hi Gaurav,

    As per the conditions prescribed by the IT department, looks like a tax audit is not applicable in your case. However, since the losses are high it is always suggested to get your books audited. Read more about tax audit applicability in this article.  Hope this helps :) 

    0
    Comment actions Permalink

Please sign in to leave a comment.

Powered by Zendesk