INCOME TAX AUDIT FOR TURNOVER BELOW 1CR
This query is : Resolved
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
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
15 August 2022
Whether the books were audited u/s 44AB(a) or sec. 44AB(e) of the act?
15 August 2022
Under Section 44AB (E) because turnover was below 1CR for all five years under audit
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..
The word subsequent to the previous year.... specified the sixth year in continuation.
So, continue tax audit for the current AY also..
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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
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.
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