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  • Basic Check

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    Shobha Sethumadhavan
    1 views7 pages
    The document outlines tax audit requirements for individual proprietors, partnerships, and companies based on their business activity and annual turnover. For individuals and partnerships engaged in trading, a tax audit is required if turnover exceeds Rs. 1 crore. Those providing taxable services need an audit if turnover is over Rs. 1 crore. Companies always require an audit for trading and service activities. Taxable sales over Rs. 60 lakh for individuals/partnerships and Rs. 10 lakh for service providers trigger other tax compliance requirements as well.

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    Basic Checks

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    The document outlines tax audit requirements for individual proprietors, partnerships, and companies based on their business activity and annual turnover. For individuals and partnerships engaged in trading, a tax audit is required if turnover exceeds Rs. 1 crore. Those providing taxable services need an audit if turnover is over Rs. 1 crore. Companies always require an audit for trading and service activities. Taxable sales over Rs. 60 lakh for individuals/partnerships and Rs. 10 lakh for service providers trigger other tax compliance requirements as well.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    1 views7 pages

    Basic Check

    Uploaded by

    Shobha Sethumadhavan
    The document outlines tax audit requirements for individual proprietors, partnerships, and companies based on their business activity and annual turnover. For individuals and partnerships engaged in trading, a tax audit is required if turnover exceeds Rs. 1 crore. Those providing taxable services need an audit if turnover is over Rs. 1 crore. Companies always require an audit for trading and service activities. Taxable sales over Rs. 60 lakh for individuals/partnerships and Rs. 10 lakh for service providers trigger other tax compliance requirements as well.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 7

    BASIC CHECK

    INDIVIDUAL

    TRADING
    TAXABLE SALE
    1. TUROVER >/= 60 LAKH - VAT
    AUDIT( FORM 13, 13 A)
    2. TUROVER < 60 LAKH
    - NO VAT AUDIT
    3. TUROVER> 1 CRORE TAX AUDIT
    (FORM
    3CB/3CD)

    SERVICE

    1. NON TAXABLE SERVICE


    TUROVER </= 10 LAKH - NO SERVICE
    TAX
    TUROVER>1 CRORE TAX AUDIT
    PROFESSIONAL 25 LAKHS
    2. TAXABLE SERVICE
    TUROVER >/= 10 LAKH - SERVICE TAX
    APPLY
    TUROVER>1 CRORE TAX AUDIT
    PROFESSIONAL 25 LAKHS

    PARTNERSHIP
    TRADING
    TAXABLE SALE
    1. TUROVER >/= 60 LAKH - VAT
    AUDIT( FORM 13, 13 A)
    2. TUROVER < 60 LAKH
    - NO VAT AUDIT
    3. TUROVER>1 CRORE TAX AUDIT

    SERVICE
    1. NON TAXABLE SERVICE
    TUROVER </= 10 LAKH - NO SERVICE TAX
    ONE CRORE TAX AUDIT, PROFESSIONAL 25
    LAKHS

    2. TAXABLE SERVICE

    TUROVER >/= 10 LAKH - SERVICE TAX


    APPLY

    ONE CRORE TAX AUDIT, PROFESSIONAL 25 LAKHS

    COMPANY
    TRADING (AUDIT
    MANDATORY)
    TAXABLE SALE
    1. TUROVER >/= 60 LAKH - VAT
    AUDIT( FORM 13, 13 A)
    2. TUROVER < 60 LAKH
    - NO VAT AUDIT
    3. ONE CRORE TAX AUDIT

    SERVICE (AUDIT MANDATORY)


    1. NON TAXABLE SERVICE
    TUROVER </= 10 LAKH - NO SERVICE
    TAX
    ONE CRORE TAX AUDIT

    2. TAXABLE SERVICE
    TUROVER >/= 10 LAKH - SERVICE TAX
    APPLY
    ONE CRORE TAX AUDIT

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