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.
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.
19 October 2020
Yes, it's confirmed tax audit not applicable inview of 44AD not opted during previous year.
19 October 2020
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
- Multiple payment of self assessment tax for A Y 2025-2026
- CAPITAL GAIN REDEVELOPED FLAT
- REGARDING ITR FILING QUESTION
- CLOSING STOCK QUERY
- Requirement under FEMA &RBI
- Query regarding reporting of exempt foreign remuneration in ITR
- Correction in TDS return New Traces Portal
- TDS refund Indemnity Bond
- PF wage ceiling
- F&O reporting in ITR
- WHERE I SHOW GST 0% INVOICE IN GSTR1 (EITHER TABLE 7 OR TABLE 8)
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
