44ab tax audit case fy 16-17 - reg.
This query is : Open
06 October 2017
Dear Sir,
I am a Wholesale Dealer. My Turnover is Rs. 1,98,00,000/- in FY 16-17. Can I file under Tax Audit or Normal Return?
I am a Wholesale Dealer. My Turnover is Rs. 1,98,00,000/- in FY 16-17. Can I file under Tax Audit or Normal Return?
06 October 2017
If not willing to offer 8% of turn over as taxable income, audit the accounts u/s 44AB. Otherwise no need to audit under Income tax Act,1961.
CA Rashmi Gandhi
(Expert)
06 October 2017
If you opt to declare your income u/s 44AD then you arr not required to get your accounts audited.
If declaring income less than 8% u/s 44AD then you have to compulsorily get your accounts audited.
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