Latest Query & Reply

Can we file Income Tax Return of Onion Merchant (Aadat ) Dealer on Commission basis even if his turnover in Bank A/c is more than 2 Cr. or fill IT return by doing Tax Audit ??

Reply

As per section 44AB of Income Tax act, 1961, tax audit is compulsory when turnover of an assessee is more than 1 crore in a financial year. As the turnover of the assessee mentioned above is more than 2 crore rupees, tax audit is compulsory.