Home Audit & Assurance Tax Audit Applicability for FY 2022-23

Tax Audit Applicability for FY 2022-23

0
Tax Audit Applicability for FY 2022-23

Tax Audit Applicability for FY 2022-23

Tax Audit Applicability: Tax audit, because the identify implies, is an inspection or evaluate of the accounts of any enterprise or career carried out by taxpayers from an earnings tax standpoint. It simplifies the method of calculating earnings for the aim of submitting earnings tax returns.

Due Date for Submission of Tax Audit:

The Due Date for submission of Tax Audit Report for Monetary 12 months 2022-23 (Evaluation 12 months 2023-24) is thirtieth September 2023.

If a taxpayer’s gross sales, turnover, or gross revenues surpass Rs.1 crore in a Monetary 12 months, she or he is obligated to have a tax audit carried out. Nonetheless, in another instances, a taxpayer could also be compelled to have their accounts audited.

Tax Audit Applicability in Case of Enterprise

Case 1: If Turnover > 10,00,00,000

Tax Audit Relevant.

Case 2. Turnover Vary: 10,00,00,000 ≥ Turnover > 1,00,00,000

The under given circumstances must be happy:

The combination of all quantities obtained, in money, doesn’t exceed 5% of the mentioned quantity.

And

The combination of all funds made in money doesn’t exceed 5% of the mentioned cost.

If sure, Tax Audit Not Relevant.

If No, Tax Audit Relevant.

Case 3. If Turnover ≤ 2,00,00,000 and Taxpayer is Eligible to Go for Presumptive Taxation Scheme

Taxpayer Opted for Presumptive Taxation Scheme and Proven 8%/ 6% E-book Income

  • If  Sure, Tax Audit Not Relevant.
  • If  No, Tax Audit Not Relevant, Books of Accounts required to be maintained.

If Opted for Presumptive Taxation Scheme in Final 12 months and Now Opting-Out: Then, Tax Audit Relevant within the 12 months of Opting Out, Books of Accounts required to be maintained.

Case 4. If Turnover ≤ 2,00,00,000

However

The taxpayer is Not Eligible to Go for Presumptive Taxation Scheme

Query of Tax Audit Doesn’t come up for Decide-Out of Presumptive Taxation Scheme.

Be aware: Please do Verify for the Money Fee/Receipt Restrict as mentioned above for Turnover of Greater than Rs. 1,00,00,000.

Case 5. Turnover Vary: 10,00,00,000 ≥ Turnover > 2,00,00,000

Query of Tax Audit Doesn’t come up for Decide-Out of Presumptive Taxation Scheme

Be aware: Please do Verify for the Money Fee/Receipt Restrict as mentioned above for Turnover of Greater than Rs. 1,00,00,000.

I’ve made one other chart for understanding the Applicability of Tax Audit in case of Presumptive Taxation Scheme.

 

Tax Audit Applicability in Case of Career

Case 1: If Turnover > 50,00,000

Tax Audit Relevant.

Case 2: If Turnover ≤ 50,00,000

And

Income & Acquire ≥ 50% of Gross Receipts

If Sure, Tax Audit Not Relevant.

If No, then verify that, if Complete Earnings is upto Slab Restrict.

Then:

If Complete Earnings is upto Slab Restrict, then Tax Audit Not Relevant.

If Complete Earnings just isn’t upto Slab Restrict, then Tax Audit Relevant.

 

Be part of StudyCafe Membership. For Extra particulars about Membership Click on Be part of Membership Button

Be part of Membership

In case of any Doubt concerning Membership you’ll be able to mail us at [email protected]

LEAVE A REPLY

Please enter your comment!
Please enter your name here