AUDIT LIMIT FOR FY 2021-22
This query is : Resolved
Quick Summary
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
05 September 2022
Question arises, whether you had opted presumptive assessment u/s. 44AD of the act, anytime earlier?
06 September 2022
No Sir, I have not opted for presumptive assessment u/s. 44AD of the act, anytime earlier.
06 September 2022
In that case, tax audit is not liable.
06 September 2022
Ok. Thank You Sir for your valuable reply.
Message likes :
1 times
06 September 2022
You are welcome ...
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
- Sales of goods of amount Rs77 lakhs to a party
- ITR-3 - How to show loss in 65(i) - (iii) under under Part A - P & L section and sub section 65?
- Value of Perquisite Tax Borne by Employer
- Query related to CA/CS/CMA Firm
- Automatic MIS from Tally ERP
- Schedule Dpm under 44ada no account casr
- Taxability and TDS treatment on Crypto futures
- TDS Retunr Statement Status
- TAX AAPLICABLE TO SUPPLY OF FRESH FRUIT JIUCE
- Suggest proper Tax & TDS applicability on Crypto Futures
- GST applicability on Shipping charges
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- TDS on property - Form 141 query
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
