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

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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.

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