44AD Audit Applicability
This query is : Resolved
Quick Summary
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..........
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