GK
TAXES IN INDIA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Rs. 10 lakhs
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Rs. 20 lakhs
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Rs. 30 lakhs
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Rs. 40 lakhs
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Detailed explanation-1: -A taxpayer is required to have a tax audit carried out if the sales, turnover or gross receipts of business exceed Rs 1 crore in the financial year. However, a taxpayer may be required to get their accounts audited in certain other circumstances.
Detailed explanation-2: -Ans: As per section 44AB, following persons are compulsorily required to get their accounts audited : A person carrying on business, if his total sales, turnover or gross receipts (as the case may be) in business for the year exceed or exceeds Rs. 1 crore.
Detailed explanation-3: -For whom is it Mandatory to be Subjected to Tax Auditing From 1 April 2021, as per Finance Act 2021, the threshold limit of Rs, 5 crore has been increased to Rs. 10 crore if the transactions do not go beyond 5% of the total transaction amount.