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INCOME TAX AUDIT REGARDING


MY TURNOVER DURING F Y 2020-21 RS. 1.62 CR. MY ALL TRANSACTION IS DIGITAL MODE. MY PROFIT IS BELOW 6% OF 1.62 CR. I AM LIABLE AUDIT OR NOT. PLS EXPLAIN DETAILED.

Had you opted for presumptive taxation u/s. 44AD in any preceding year/s?

NO
I Had not opted for presumptive taxation u/s. 44AD in any preceding year.

If all receipts and payment were carried through digital mode, tax audit not applicable.
You are required to maintain books as per sec. 44aa of IT act.

SIR, PLS EXPLAINS IN DETAIL WITH THE APPLICABLE SECTION. THANKS. MY TURNOVER IS BELOW 2 CR. AS PER MY KNOWLEDGE BELOW 5% CASH TRANSACTION IS APPLICABLE TURNOVER OF RS. 2 TO 10 CR. PLS EXPLAIN IN DETAIL.

As sub-sec 44AD(4) w.r.t. Sub-sec 44AD(5), is not attracted in your case; & when all the transactions are in digital mode (more than 95%), then tax audit u/s. 44AB is liable only when turnover is above Rs.10 Crs.

THANKS. MY TURNOVER IS BETWEEN 1 CR TO 2 CR. MY INCOME BELOW 6%. I AM NOT LIABLE TO TAX AUDIT. WHICH ITR CAN WE FILE? ITR 3.

Yes ITR 3 with normal assessment; i.e with P&L acc & BS.

ANY OTHER EXPERTS VIEW IN THIS CASE.

Since profit is below presumptive profit under 44AD, you are liable for audit provided gross income exceeds basic exemption limit.



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