44AD Audit Applicability
This query is : Resolved
30 October 2022
The assessee is a proprietor.
For A.Y. 2022-23, his turnover is Rs. 1,84,00,000 (below Rs.2Cr), profit is Rs.1,50,000 ( below 6% of turnover) and total income is below basic exemption limit.
Is audit applicable ?
For A.Y. 2022-23, his turnover is Rs. 1,84,00,000 (below Rs.2Cr), profit is Rs.1,50,000 ( below 6% of turnover) and total income is below basic exemption limit.
Is audit applicable ?
30 October 2022
Whether he had declared income u/s. 44AD of IT act, in preceding ass. year?
30 October 2022
Yes. He had declared income u/s.44AD in A.Y. 21-22.
31 October 2022
Tax audit not applicable as profit is below taxable income.
31 October 2022
Ok thank you.
In addition would also like to ask, what if in the same scenario, the assessee was audited in the prev year that is A.Y. 21-22.
Still audit would not be applicable ?
In addition would also like to ask, what if in the same scenario, the assessee was audited in the prev year that is A.Y. 21-22.
Still audit would not be applicable ?
31 October 2022
Still audit would not be applicable in view of income below taxable limit.
31 October 2022
Ok. Thank you so much Sir.
31 October 2022
You are welcome..........
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- ECO SUPPLY REPORTIONG IN GSTR-1
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- CCFS 2026 Schemed
- Subscription paid to foreign customer
- Two seprate Invoice needed
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
