Please Help: Audit is required ?
Posted Date : 12-Jan-2012 , 05:07:53 pm | Posted By CA Rajesh Chadda
My client sale is Rs 30.00 Lac in AY 2010-11 and he surrendered RS 20.00 lac .Now AO can ask 1.Audit is required 2.what will be position if 20 lac surrenderd shown in the form of STOCK,DEBTORS AND CASH
Category : Income Tax | Answers : 1 | Comments : 2 | Hits : 321
Answers
Answer By: lavina bajaj
tax audit is compulsory if sale exceeds 60Lacs. and penalty for concealment of income can be presumed on unexplained income which may be 100-300% of the amount involved..
Comments
PANKAJ BANSAL
14-Jan-2012 , 12:54:11 pmAudit is required only when, AO increased your turnover.
Kavita Arora
14-Jan-2012 , 11:15:35 pmno bcoz sale is not exceeding 60 lac and on max to max AO can initiat penalty proceeding U/s 271(1)( c) if your clint not proved him wrong