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Tax audit for AY 17-18

CA Jubair J Jeri (Practicing Chartered Accountant) (147 Points)

30 September 2017

Turnover rs 6300000
net profit 297300

being first fy 16-17

wether tax audit required?

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10 Replies

(Guest)

Not require

Yash Chawda (300 Points)
Replied 30 September 2017

required because your net profit is less than 8% of sec 44ad

Yash Chawda (300 Points)
Replied 30 September 2017

but you fall in slab rate of 300000 and your gross total income is below 300000 than you dont need for audit

RAJA P M ("Do the Right Thing...!!!") (127463 Points)
Replied 30 September 2017

Tax Audit not required if it's from Business...

vignesh senthil nayagam (6 Points)
Replied 01 October 2017

Only when the assessee opts for presumptive income under Sec 44AD the net profit 8% condition needs to be checked..if proper books are maintained then it's normal route & tax audit not required...

Yash Chawda (300 Points)
Replied 01 October 2017

in 44ab there is one condition that if show less than profit as per presumptive section than he required to audit her book of account

ANKUSH (Article Trainee) (320 Points)
Replied 01 October 2017

Dear all

The logic behind for 44ad is if turnover less than 8percent there is need for tax audit.
otherwise every one shows profit less than 8 percent.
in my view profit is less than eight percent definitely tax audit required

Rachit Jain (99 Points)
Replied 01 October 2017

Sir,
Section 44AD specifies two conditions to be fulfilled simultaneously:
1) Lays down the turnover/gross receipts threshold limit upto which u can opt for presumtive basis of reporting ur income and;

2) The minimum profit to be reported under this scheme i.e 8% of the turnover.
If above mentioned conditions are not satisfied u have to get ur books of accounts audited as per Section 44AB.

Whether to maintain books of Accounts is separately dealt in section 44AA.