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LPRajendraKumar (Advocate speciatised in Service Tax)     11 April 2014

Tax audit to a vegetable merchant

An assesse doing vegetable business by way of supplying to the companies. The company made the payments through bank. His total credits crossed Rs. 1 crore. In this case tax audit is mandatory or not? is there any exception to vegetables supply? Please suggest


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 2 Replies

chandani kumari (Corporate & Tax Lawyer)     15 April 2014

Dear sir,

As per provision of income tax act,  the limits if exceeds Rs. 1 crore, tax audit is mandatory. No provision for exemption of vegetable suppliers

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KRISHNA (ACCOUNTANTS)     16 April 2014

TAX AUDIT U/S 44 AB  IS MANDATORY IN FOLLOWING CASES

 

If assessee is indulge in business of trading goods and turnover exceeds INR 1 crore.

 

and you are falling under this category hence tax audit applicable.

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