Applicability of Tax Audit
This query is : Resolved
Quick Summary
18 October 2020
If Tax Audit is required in following case :-
Sales Turnover in FY 2019-20 : Rs 1.45 cr
Whether Net profit is >= 8% (or 6%) : No
Whether Cash Receipts or payments greater than 5% each : No
Whether profit declared as per presumptive taxation scheme in any of the five preceding years : No
Whether opted for presumptive taxation u/s 44AD : No
Whether Tax Audit applicable? If yes, under which section?
Please confirm that Net profit percentage below 8%/6%, or even loss would not force a Tax audit in this case!
Thanks.
Sales Turnover in FY 2019-20 : Rs 1.45 cr
Whether Net profit is >= 8% (or 6%) : No
Whether Cash Receipts or payments greater than 5% each : No
Whether profit declared as per presumptive taxation scheme in any of the five preceding years : No
Whether opted for presumptive taxation u/s 44AD : No
Whether Tax Audit applicable? If yes, under which section?
Please confirm that Net profit percentage below 8%/6%, or even loss would not force a Tax audit in this case!
Thanks.
CA R SEETHARAMAN
(Expert)
18 October 2020
Tax audit not applicable inview of cash receipts and payments not exceed 5%.
18 October 2020
Thanks Seetharaman Sir.
That means profit < 8%|6% is immaterial as Sec 44AD is not opted!
Pls do confirm. Regards.
That means profit < 8%|6% is immaterial as Sec 44AD is not opted!
Pls do confirm. Regards.
CA R SEETHARAMAN
(Expert)
19 October 2020
Yes, it's confirmed tax audit not applicable inview of 44AD not opted during previous year.
CA R SEETHARAMAN
(Expert)
19 October 2020
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