Tax audit applicability

Nandukumar Kamat (Querist) 28 May 2018 This query is : Resolved
Dear Sir,

Our Company Kadam Financial Pvt. Ltd.(NBFC) having total turnover of Rs. 140 lacs for the FY 2016-17 & 147 lacs for the FY 2017-18 needs to get its books audited u/s 44AB of the Act as turnover has exceeded Rs. 1 crore.
The all income as Divided income from Mutual Fund & Listed Company which is exempt u/s 10.

In above case the Tax Audits as per income tax act under section 44AB is applicable or not.

Please provide your reply in above matters .

NK

Follow Query

Report Abuse

B.Chakrapani Warrier (Expert) 29 May 2018
44AB is applicable, because gross receipts/turnover/sales is the criteria for audit and here the threshold limit of the same is crossed.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now