Applicability of tax audit under sec 44AB and 44AD

This query is : Resolved

naveen jain (Querist)
Follow

29 December 2022 Tax audit is applicable in case of a business if turnover exceeds 10 crore. However in case cash receipts exceed 5% of total receipts/ turnover then limit for tax audit applicability is 1 crore turnover. My doubt is as follows:
1 Will this rule apply in case of a business under presumptive income (section 44AD) also, and tax audit becomes applicable, if turnover exceeds 1 crore and cash receipts are above 5% of total?
2. Cash directly deposited by customer in supplier's bank account for payment of invoices be counted as cash receipt or bank transaction? Cash is not received by assessee in his hands as such.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

29 December 2022 1 44AB tax audit applicable.
2 it's considered as cash receipt.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Vishal Kapadiya

Prashant Kotecha

Rajesh

Akash Sawant

JACOB ABRAHAM KURIALANICKAL

Subscribe Now

Applicability of tax audit under sec 44AB and 44AD

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

Senior Executive

Manager- Finance and Compliance

GST CONSULTANCY

GST CONSULTANT

CA Final