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Is it compulsory to get the books audited?

(i) Every person carrying on business shall get his accounts audited if the total sales, turnover or gross receipts in business exceed Rs 60 lakhs in the previous year.

(ii) Every person carrying on profession shall get his accounts audited if his gross receipts exceed Rs 15 lakhs in the previous year.

How is income from business or profession computed?

What is Assessment year and financial year?

Due dates for filing of returns of income/loss?

Can a return of income be filed after the due date?

Is it compulsory to maintain books of accounts?

I sold a large piece of land by dividing into smaller plots. Would this one time activity still be considered as business activity?

What books of account have been prescribed to be maintained by a person carrying on business under the Income tax Act?

Are professionals required to maintain books of account?

Do a small time trader need to maintain any accounts?

What is meant by audit of the books of account?

What are the expenses that I can deduct from my business receipt while calculating the business profit?

What do you mean by revenue expenditure?

Can I claim deduction for business capital expense incurr?

Salaries

Income from House Property

Capital Gains

Income from Other Sources

Wealth Tax

TDS

PAN

General

Taxable Income

Return of income

Assessment

Due dates for filing tax returns

Deductions

NRIs

Tax Glossary

Other Glossary

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