Income tax issue
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 March 2014
Dear sir,
Is Tax audit is compulsory for a trader having business income less than 8% of turnover and having turn over less than 100 lakhs ,does the auditor has to file 3CB,3CD Reports to income tax office in this regard?
Let a person doing business having just 5 lakhs turn over & offering income less than 8% of turnover ,To him tax audit is applicable ,auditor has to file 3CD ,3CD reports to it dept?
Is Tax audit is compulsory for a trader having business income less than 8% of turnover and having turn over less than 100 lakhs ,does the auditor has to file 3CB,3CD Reports to income tax office in this regard?
Let a person doing business having just 5 lakhs turn over & offering income less than 8% of turnover ,To him tax audit is applicable ,auditor has to file 3CD ,3CD reports to it dept?
Nikhil Kaushik
(Expert)
08 March 2014
tax audit under 44AD is applicable only where the income is in excess of the exempted limit. Given that your turnover is just 5 lakhs, you need not worry at all as your income (even at 8%) is just Rs 40000 which is less than exempted limited.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
