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Income tax

kumaravel (small tax consultant) (41 Points)

29 April 2017

SIR

I AM KUMARAVEL DEALING SCARP BUSINESS NO ACCOUNTS MAINTAIN A.Y.2017-2018 BUT TURNOVER CROSS RS.1.45

ONE CORE FOURTY FIVE LAKH

1. A.Y. 2017-2018 -TAX AUDIT LIMT -HOW MUCH

2. ITR4S APPLICABLE AFTER CROSSING ONE CORE FILING ITR4S FORM

sriannaitaxauditing @ gmail.com

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2 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160327 Points)
Replied 29 April 2017

CBDT press release dated 20.06.2016 clarifying that higher threshold limit for non-audit of accounts has been given only to assesses opting for presumptive taxation scheme u/s 44AD of the Act. In other words, it means that turnover / total sales / gross receipt level fixed to be greater than Rs.1 crore attracting tax audit provisions u/s 44AB of the Act still prevails but assesses who claim benefit of section 44AD of the Act can avoid tax audit upto the total turnover limit of Rs. 2 crores even.

So, if you declare your income u/s. 44AD with minimum 8% ( 6% for bank transected TO), no tax audit applicable. Otherwise tax audit u/s. 44AB applicable for TO above 1 Cr.

CS Advocate Abhishek Goyal (M Com FCS LLB M-AIMA ) (13531 Points)
Replied 08 May 2017

Corresponding amendments now have been made to section 44AB and section 44AD to the effect that return u/s 44AD can be filed for turnover up to Rs 2 crore subject to other conditions of section 44AD and threshold for tax audit u/s 44AB shall remain at Rs 1 crore.