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Tax Audit: What is Tax audit & tax audit limit for individuals and Professionals

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<span style="font-size: xx-small;">Turnover limit for professional, partnership firm and individuals assessment year 2014-15 for tax audit procedure, What Are Tax Audits and where it is applicable.</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhBYbALIiqNxylan7Nf3ZNNEe_AjIb56xB2OazSGV5DbyFW8X8oN2LbESYul0ghH8rNzZbmY_0aqqn8OlhwJK4DDvf9hofE2RL5h_yXg7bBpSCZCfSHFC5rCIUrQKjDfkwWv8fhhEyTnPxR/s1600/Tax+Audit+Related+News,+law+and+process.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img alt="Tax Audit Limit for business & individuals" border="0" height="135" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhBYbALIiqNxylan7Nf3ZNNEe_AjIb56xB2OazSGV5DbyFW8X8oN2LbESYul0ghH8rNzZbmY_0aqqn8OlhwJK4DDvf9hofE2RL5h_yXg7bBpSCZCfSHFC5rCIUrQKjDfkwWv8fhhEyTnPxR/s1600/Tax+Audit+Related+News,+law+and+process.jpg" title="Tax Audit under Section 44AB – Changes for AY 14-15" width="200" /></a></div>
 
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Let’s know what is tax audit? The person who runs the business or self-employed, after the audit of the financial year in terms of earnings is required to file income tax returns. This audit will be done through qualified Chartered Accountant. He checks the books and decide which expenses can be shown that those who are important in terms of book-keeping. Tax payments will be applicable only after the audit under the Income Tax Act.<br />
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<span style="color: red;"><b>Conditions Tax Auditing for whom the tax audit is compulsory?</b></span><br />
The business income of more than Rs 1 crore in a financial year or over Rs 25 lakh by profession, those Assessee have necessary to doing income tax audit.</div>
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<span style="color: red;"><b>What would Taxable income and not? </b></span><br />
Qualified chartered accountant to audits the income and expense cash, bank book and the Check the invoices. The aim is to determine whether many of the business or profession carried on spending law provision can be shown in terms of deduction. The purpose of the audit is to determine taxable income.<br />
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<span style="color: red;"><b>Tax Returns</b></span>:Tax audit process should be complete balance sheet and profit and loss account for should be made for Assessee. Returns assessment is to be filed before September 30 on the same assessment year.<br />
<span style="color: red;"><b>When the file has to submit Advance Tax</b>:</span> Who’s Assessee should have tax audit, September, December and March month to pay advance tax in the financial year. From March 15 before they have to pay their dues. After Audit access payment realizing tax refunds can be claimed.</div>
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Tax Audit: What is Tax audit & tax audit limit for individuals and Professionals

Turnover limit for professional, partnership firm and individuals assessment year 2014-15 for tax audit procedure, What Are Tax Audits and...

Capital Gain and Tax Assessment: What is Capital Gain where capital gain applicable

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<span style="font-size: xx-small;">capital gain exemption, tax on property, capital gain formula, Tax Saving Mutual Fund- Long Term Investment- Equity market tax savings exemptions, What is Capital Gains when you sell a property, How to adjust, reduce and avoid capital gains tax, Long Term  short term Capital Gains Tax rate and calculations, How to save on capital gain tax while selling a house real estate, What Is a Capital Gain and What Does It Mean For My Taxes?</span></div>
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Investor Capital Gains occurs when investor sale asset and got the profit. As per pre Define in Income Tax Law, investor is liable to pay the tax on behalf of capital Assets gains; it may be long term or short term both cases applicable. Holding Period of Capital Asset shows those Classifications.</div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEicB30neXco7IsEblsnQInQa1P0-ZpHRP-DO-oSmQrcZCjwp5osGalpbEZtxKW5MsNmFD17ykdLrr4AZpPjIVuvxnphPMwCADZI9UfdvLOYLpjaRdeHQtiozne7b7pPI5ozR-rSGHyJkLwZ/s1600/India+capital+gains+tax+rates,+and+property+income+tax+exemption.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img alt="How to manage capital gains after property sales in India" border="0" height="146" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEicB30neXco7IsEblsnQInQa1P0-ZpHRP-DO-oSmQrcZCjwp5osGalpbEZtxKW5MsNmFD17ykdLrr4AZpPjIVuvxnphPMwCADZI9UfdvLOYLpjaRdeHQtiozne7b7pPI5ozR-rSGHyJkLwZ/s1600/India+capital+gains+tax+rates,+and+property+income+tax+exemption.jpg" title="tax calculation-capital gain calculation and exemptions" width="200" /></a></div>
 
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Investors in a financial year to the capital gains recorded in the books of accounts and pay the applicable tax to income tax department on before the return file submitting. </div>
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Liability  of Assessee if have capital gain: You have to pay Capital Gains Tax on Sale of Capital Assets. The tax rate and asset depends on the minimum holding period. If someone got Gains on sale of any asset that is the tax liability. <br />
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<span style="color: red;"><u><b>What is Multiple Sell and sequence of asset sell:</b></u> </span>Tax liability for the financial year to find out it and add up to all of the transactions. First in first out rule will apply in multiple transactions, which means he has previously purchased assets will be sold first.<br />
What happen if anyone auditing their account and payment?: Purpose of tax audit their accounts from individuals who provide them capital gains tax has to be paid as advance tax. In the remaining cases before filing the income tax returns as self-assessment tax is paid.</div>
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<u><b><span style="color: red;">Loss sets of: </span></b></u>During Capital Gains tax assessment you are beneficiary of Capital losses can be set off. But it is important that the returns to be filled on time. Delay filing of returns will be not eligible for getting advantage of it.</div>
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<b><u><span style="color: red;">Securities Transaction Tax (STT):</span></u> </b>In cases where STT is paid, they have very low or zero tax rate. STT is important to keep proof of payment for investor.</div>
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Capital Gain and Tax Assessment: What is Capital Gain where capital gain applicable

capital gain exemption, tax on property, capital gain formula, Tax Saving Mutual Fund- Long Term Investment- Equity market tax savings exe...