IT Tax Audit

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nitin gulati (Querist)
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29 May 2021 Sir
In case of Business (For Individual)
Turnover Below 1 Cr and
Net Profit below 6%.
Whether Tax audit required in Current year.
1. First Year(New Business)
2.In case old business where return of PY filled as Regular showing profit more than 8% (but not opted 44AD)
3. In case Opted 44AD in PY.
Thanks

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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29 May 2021 1 yes tax audit required.
2 Tax audit applicable.
3 Tax audit applicable.

CMA Poornima Madhava

CMA Poornima Madhava (Expert)
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29 May 2021 If 44AD is not opted during the current year, why tax audit is still applicable?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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29 May 2021 Tax audit applicable if not opted for 44AD and declaring less than 8% profit.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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29 May 2021 Tax audit applicable if not opted for 44AD and declaring less than 8% profit.

nitin gulati

nitin gulati (Querist)
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31 May 2021 Sir
As per Relevant Clause (e) of 3CD(Tax Audit Report) U/S 44AB audit for 44AD opting clients will be done Only if :
Case falls 44AD(4) and income exceeds basic exemption limit
And In any clause 8 of tax audit It is not mentioned that audit required
If Profits u/s 44AD claimed to be lower than the presumptive profits and gains.[As for 44ADA it is mentioned in 44AB (d)]
I request you to share the section and sub section under which audit is required ALONG with relevant clause to be selected in case of Clause 8 of Tax Audit Report - If Profits u/s 44AD claimed to be lower than the presumptive profits and gains in case of new business never opted 44AD before(For Individual Sales less than 1 CR.)

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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27 November 2021 1. & 2. Not applicable
3. Applicable u/s. 44AB(e) r.w.s. 44AD(4)

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