Income tax audit

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tharun (Querist)

13 October 2017 SIR,

THANKS IN ADVANCE FOR GIVING VALUABLE SUGGESTION
1.MY DOUBT IS AUDIT LIMIT U/SEC.44AB IS RS.1CR OR RAISED TO 2CR
2.AUDIT LIMIT U/SEC44AD IS INCREASED TO 2CR WITH DECLARATION OFNET PROFIT IS LESS THAN 8%
3. IF THE TURNOVER IS NEARLY 1.90CR AND DELCARE @10% NET PROFIT.
HOW HE SHOULD FILE THE INCOME TAX RETURN NOW IT IS EITHER U/SEC 44AB OR 44AD
PL. GIVE ME CORRECT SOLUTION WHICH IS EASY TO FILE THE INCOME TAX
IF HE SHOULD FILE U/SEC 44AB HE SHOULD FILE AUDIT REPORT OR NOT
AND IF HE FILE U/SEC 44AD IS THE SAME POSSIBILITY FOR THE RETURN OR DIRECTLY HE CAN FILE THE RETURN AS A NORMAL ONE

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)

13 October 2017 1. It is 1 crore. 2. Then audit is required as profit is less than 8%. 3. No need of audit as Profit u/s 44AD is more than 8%

Ashiwini Ballodia

Ashiwini Ballodia (Expert)

13 October 2017 Audit Limit u/s 44AB is 1 Cr but Sec 44AD can be opt till the turnover of 2 cr

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)

14 October 2017 Yes agreed with Ashwini Ballodia.....

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)

14 October 2017 I think i wrote wrong answer in 3rd situation. You have to get your accounts audited in that case also....

RAJA P M

RAJA P M (Expert)

14 October 2017 1. Audit limit is u/s. 44ab Rs. 1cr & u/s 44ad Rs. 2cr... 2. Less than 2cr you can opt u/s 44ad and ll be show the profit 8% <.... 3. You ll file u/s 44ad then no need audit. But, your liability is Rs. 456,000 + cess + Interest. *if he ll be file u/s 44ab then audit report is must. *If he file u/s 44ad then no need audit report. You can file directly. *He can file normally...

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

14 October 2017 1. OK

2. OK

3. Choose 44AD and

4.File form ITR-4

RAJA P M

RAJA P M (Expert)

14 October 2017 Dear Mr. B Chackrapani warrier Sir., One of the assessee (Partnership - new form on January 16) going loss in FY 16-17. Can I file u/s 44ad without audit....? please give me your valuable reply Sir...

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