GK
TAXES IN INDIA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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For person carrying on profession, tax audit is compulsory, if the gross receipts of the previous year exceeds:
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Rs. 10lakhs
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Rs. 20lakhs
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Rs. 30lakhs
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Rs. 40lakhs
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Explanation:
Detailed explanation-1: -Every person carrying on a profession is entitled to get his accounts audited if his gross receipts in profession exceed Rs. 50 lakhs in the previous year.
Detailed explanation-2: -Profession. In case of a profession or professional, tax audit would be required if gross receipts in the profession exceed Rs. 50 lakhs during the financial year.
Detailed explanation-3: -Proviso to section 44AB(a) – The above limit of turnover for tax audit becomes Rs 10 crores instead of Rs 1 crore if the aggregate of cash receipts and cash payments does not exceed 5% of the total receipts & payments during the financial year.
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