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

This query is : Resolved

sunil c (Querist)
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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.

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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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.

Dhirajlal Rambhia

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

sunil c

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

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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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.

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