As per the provisions of section 44AB of the Income Tax Act 1961, following persons are required to get their accounts audited for each financial year:
- Every person carrying on Business is required to get their accounts audited if the total sales/ turnover or gross receipts in the financial year exceeds Rupees One Hundred Lakhs (Rs. 100.00 Lacs) in previous year (ie Financial Year);
- Every person carrying on a Profession is required to get his accounts audited if the total sales, turnover or gross receipts in the previous year exceed Rupees Twenty Five Lakhs (Rs. 25.00 Lacs) in previous year (ie Financial Year).
Person Exempted from Registration if making supply liable to Reverse Charge (Notification No. 05/2017 – Central Tax) under GSTJune 23, 2017
Final Notified Composition & Registration Rules under GST
Effective Date for Some of the sections of CGST Act
Goods & Service Tax – Awareness on Important IssuesJune 18, 2017
Highlights of Union Budget 2017February 26, 2017