50 lakh threshold is for total income or taxable income

Taxation
1

Hi,

I have heard an audit is necessary if the income is > 50 lakhs for the FY and surcharge is also applicable.

This 50 lakh is for total income or taxable income (after deducting losses and other deductions)?

@Quicko

2

Hi @Jack_R

For an individual, audit is applicable if the Turnover / Sales more than INR 50 lakhs (Income from Profession).
Surchage is applicable to an indvidual when the taxable income is more than 50 lakhs.

You can use this tool to determine if tax audit is applicable to you. Click here.
Here’s a read on Tax Audit under Section 44AB of Income Tax Act - Learn by Quicko for your reference.

Hope this helps.

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