banner_ad

APPLICABILITY OF TAX AUDIT FOR A.Y. 2022 - 2023

This query is : Resolved 
Profile Image

Profile Image

(Querist)
13 June 2022 Sir/Ma'am,
If the Profit from F & O Business is less than 8% and Income other than F & O Business exceeds Basic Exemption Limit. Is Tax Audit Applicable in this case? Please Guide.
Profile Image

CA Rashmi Gandhi

Profile Image

CA Rashmi Gandhi (Expert)
13 June 2022 Audit is applicable as you are not declaring prescribed income u/s 44AD. However as your complete transactions are in form other than cash, you can declare 6% income.
Profile Image

Dhirajlal Rambhia

Profile Image

Dhirajlal Rambhia (Expert)
16 June 2022 What is the turnover? Whether sec. 44AD applied in any preceding year/s?
Profile Image

sunil c

Profile Image

sunil c (Querist)
16 June 2022 Turnover is more than 2 crore and 44AD was not applied in any previous year.
Profile Image

Dhirajlal Rambhia

Profile Image

Dhirajlal Rambhia (Expert)
16 June 2022 If total cash transaction are below 5%, Tax audit limit is 10 crs. No audit applicable in this case. File ITR 3 with books of accounts maintained.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
10 May 2026
Finance specialist

Right way solution

Ajmer

CA

View Details
Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details
Company
24 May 2026
Accounts & Tax Executive

PARAS KHURANA AND CO

New Delhi

B.Com

View Details
Company
16 May 2026
Audit clerk

mgirt & co

Bengaluru

CA Inter

View Details
Company
ARTICLESHIP 15 May 2026
ARTICLE ASSISTANT, TRAINEE AND PAID ASSISTANT

YOGESH KAPOOR AND ASSOCIATES

New Delhi

B.Com

View Details
Company
27 May 2026
Audit Assitant

Virender K Gupta and Co

New Delhi

B.Com

View Details
Company
11 May 2026
CA Dropout

Patron Accounting LLP

Pune

CA Inter

View Details
Company
19 May 2026
Article, CA & Paid Assistant Positions

Aggarwal Sarawagi and Co

New Delhi

CA

View Details