Easy Office
LCI Learning

Applicability of tax audit

This query is : Resolved 

25 May 2016 Dear Sir/Madam,

If the Turnover for FY 2016-17 is 1.5 Crore and Total Income is declared as 2.00 Lakhs then do I need to do Tax audit for FY 2016-17 or can I avail any exemption u/s 44 AD(5)?

Thanks in Advance.

25 May 2016 yes audit u/s 44AB to be required . u/s 44AD is not available due to turnover exceeds Rs. one crore.

25 May 2016 As the income declared is 2 lacs below basic exemption limit no tax audit applicable u/s 44AD(5).
Mr. Rupesh Jain for FY 2016-17 turnover limit increased to 2 crore.




25 May 2016 What will be the ITR (4/4S) to be filed for this case and will there be any chance of scrutiny ? Do the assessee need to maintain books of accounts. Will there be any conflict with any other sections?

25 May 2016 i have give reply on F y 2015-16. i think querist wrongly write the F y 2016-17.

26 May 2016 File ITR 4. As you are not covered under 44AD you have to maintain books of accounts and liable for scrutiny.

29 June 2016 As per the new clarification given by CBDT on threshold limit for Tax Audit, can I claim the non applicability of Tax audit as per 44AD(5)?

30 June 2016 No, as you are not declaring profit as per 44AD, tax audit applicable to you as per clarification.




07 July 2016 We can avail exemption if the turnover is less than 1 crore right? Correct me if I am wrong.

Thanks in advance.

08 July 2016 Yes you are right......................

18 January 2019 Can you give me any caselaws for non applicability of Tax audit, if my turnover is 80 lacs and profit is Rs.240,000 for assessment year 2018-2019?

18 January 2019 Tax audit not applicable as profit declared is below basic exemption limit. Refer 44AB section.






You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries