AUDIT LIMIT FOR FY 2021-22
This query is : Resolved
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 :
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06 September 2022
You are welcome ...
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