Is Ms. Chanchal liable to tax audit under the Income-tax Act, 1961 for the P.Y. 2020-21?
A. Yes, as the total gross receipts exceeds ₹ 1,00,00,000.
B. No, as the gross receipts from business or profession are below the specified threshold limits.
C. Yes, as the gross receipts from business exceed ₹ 50,00,000.
D. Yes, as the gross receipts from profession exceed ₹ 25,00,000.
Answer:B
Is Ms. Chanchal liable to tax audit under the Income-tax Act, 1961 for the P.Y. 2020-21?
A. Yes, as the total gross receipts exceeds ₹ 1,00,00,000. B. No, as the gross receipts from business or profession are below the specified threshold limits. C. Yes, as the gross receipts from business exceed ₹ 50,00,000. D. Yes, as the gross receipts from profession exceed ₹ 25,00,000.