INCOME TAX AUDIT FOR TURNOVER BELOW 1CR

This query is : Resolved

CA Vishal Variya (Querist)
Follow

15 August 2022 Respected Readers
Partnership Firms books of account getting audited from AY 2017-18 to AY 2021-22 for continuously 5 years. For FY 2021-22 firm turnover is 16 lakh, whether Tax audit will be applicable or Can file complete ITR with profit less than 8% .

Please Guide Friends

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

15 August 2022 Whether the books were audited u/s 44AB(a) or sec. 44AB(e) of the act?

CA Vishal Variya

CA Vishal Variya (Querist)
Follow

15 August 2022 Under Section 44AB (E) because turnover was below 1CR for all five years under audit

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

15 August 2022 As per the sub-sec. 44AD(4)... " Where an eligible assessee declares profit for any previous year in accordance with the provisions of this section and he declares profit for any of the five assessment years relevant to the previous year succeeding such previous year not in accordance with the provisions of sub-section (1), he shall not be eligible to claim the benefit of the provisions of this section for five assessment years subsequent to the assessment year relevant to the previous year in which the profit has not been declared in accordance with the provisions of sub-section (1)."
The word subsequent to the previous year.... specified the sixth year in continuation.
So, continue tax audit for the current AY also..

Message likes : 1 times

CA Vishal Variya

CA Vishal Variya (Querist)
Follow

15 August 2022 Okay what if For AY 2016-17 [T/O 36lakh]. audit was not done But Complete ITR was filed filing balance sheet and P&L in short Not filed under section 44AD. So Audit will be applicable for AY 2022-23. Your views are welcome sir

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

15 August 2022 My dear, the answer is based on your acceptance of applicability of sec. 44AD in AY 2017-18, from where you started auditing u/s. 44AB(e) of the act. There is no relevance to AY 2016-17 now.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Jayanti Visani

Sreekumar J Pai

damodara rao tedla

CA K GIRIDHAR

UPENDRAN YADAV

Subscribe Now

INCOME TAX AUDIT FOR TURNOVER BELOW 1CR

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA