Please Help: Audit is required ?
Posted Date : 12-Jan-2012 , 05:07:53 pm | Posted By: CA Rajesh Chadda
Category :
Income Tax | Answers :
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Comments :
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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 |
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Answers:
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 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..
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| Comments |
| Posted By : Kavita Arora |
14-Jan-2012, 11:15:35 |
| no 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 |
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| Posted By : PANKAJ BANSAL |
14-Jan-2012, 12:54:11 |
| Audit is required only when, AO increased your turnover. |
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