APPLICABILITY OF TAX AUDIT FOR A.Y. 2022 - 2023
This query is : Resolved
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.
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.
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.
16 June 2022
What is the turnover? Whether sec. 44AD applied in any preceding year/s?
16 June 2022
Turnover is more than 2 crore and 44AD was not applied in any previous year.
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.
Message likes :
1 times
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
- DELIVERY GOLD & SILVER AND OTHER ETF TRADING PROFIT AS BUSINESS INCOME
- GSTR-1A How to update Invoice
- Excess salary payment.
- 3cd- cash system of accounting is allowed?
- Provision for loans that are under Revenue Recovery
- APPLICABILITYOF GST ON STUDENT HOSTEL FEES
- Form 121-contradictory opinions
- TDS on Purchase of Immovable Property by NRI from NRI
- Is Personal Guarantee of Director is Compulsory in case of loan to company ??
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Cash gift by grand mother to her grand daughter
- 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
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
