Income tax audit
This query is : Open
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
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
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%
13 October 2017
Audit Limit u/s 44AB is 1 Cr but Sec 44AD can be opt till the turnover of 2 cr
14 October 2017
Yes agreed with Ashwini Ballodia.....
14 October 2017
I think i wrote wrong answer in 3rd situation. You have to get your accounts audited in that case also....
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...
14 October 2017
1. OK
2. OK
3. Choose 44AD and
4.File form ITR-4
2. OK
3. Choose 44AD and
4.File form ITR-4
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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