44Ad(4) and 44AB
This query is : Resolved
11 July 2017
Sir if I have filed FY 15-16 return as per 44ad and for Fy 16-17 I am filing return not as per 44ad and showing less then 8% income on turnover of Rs 75 lakhs then will i liable for tax audit
11 July 2017
Tax audit is for transactions above 1 Crore since you are not going for presumptive taxation.
Nikhil Kaushik
(Expert)
11 July 2017
yes. audit will apply in this case. Also, if you choose not to go for 44AD this year, you cannot do so for next five years either..
CA. Sunil Gokhale
(Expert)
11 July 2017
+1 with Nikhil Kaushik. If profit is less than 8% of turnover then tax audit applies irrespective of turnover.
CA. Sunil Gokhale
(Expert)
11 July 2017
+1 with Nikhil Kaushik. If profit is less than 8% of turnover then tax audit applies irrespective of turnover.
15 July 2017
Sir but 44AB clause e is amended and includes only assese falling under sec 44ad(4)...
15 July 2017
so sir if i don't opt for 44ad for A.Y 17-18 then i will not be liable for tax audit even if profit is velow 8%
CA. Sunil Gokhale
(Expert)
15 July 2017
Right. I stand corrected.
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