AUDIT LIMIT FOR FY 2021-22
This query is : Resolved
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NIRMAL DAVE
(Querist)
05 September 2022
Dear All,
I have turnover of 1,22,50,000/- in FY 2021-22. All the transaction are done through bank. Both the payment and receipt in cash does not exceeds 5% of the total payment and receipt respectively. But my profit arrives at Rs. 4,22,220/- (i.e. less than 8% of gross receipt).
I have not opted for presumptive assessment u/s. 44AD of the act, anytime earlier.
In the above case am I liable to gets my account audited?
Thanks
Nirmal
I have turnover of 1,22,50,000/- in FY 2021-22. All the transaction are done through bank. Both the payment and receipt in cash does not exceeds 5% of the total payment and receipt respectively. But my profit arrives at Rs. 4,22,220/- (i.e. less than 8% of gross receipt).
I have not opted for presumptive assessment u/s. 44AD of the act, anytime earlier.
In the above case am I liable to gets my account audited?
Thanks
Nirmal
Dhirajlal Rambhia
(Expert)
05 September 2022
Question arises, whether you had opted presumptive assessment u/s. 44AD of the act, anytime earlier?
NIRMAL DAVE
(Querist)
06 September 2022
No Sir, I have not opted for presumptive assessment u/s. 44AD of the act, anytime earlier.
Dhirajlal Rambhia
(Expert)
06 September 2022
In that case, tax audit is not liable.
NIRMAL DAVE
(Querist)
06 September 2022
Ok. Thank You Sir for your valuable reply.
Message likes :
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Dhirajlal Rambhia
(Expert)
06 September 2022
You are welcome ...
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