IT Tax Audit
This query is : Resolved
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
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
29 May 2021
1 yes tax audit required.
2 Tax audit applicable.
3 Tax audit applicable.
2 Tax audit applicable.
3 Tax audit applicable.
29 May 2021
If 44AD is not opted during the current year, why tax audit is still applicable?
29 May 2021
Tax audit applicable if not opted for 44AD and declaring less than 8% profit.
29 May 2021
Tax audit applicable if not opted for 44AD and declaring less than 8% profit.
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.)
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.)
27 November 2021
1. & 2. Not applicable
3. Applicable u/s. 44AB(e) r.w.s. 44AD(4)
3. Applicable u/s. 44AB(e) r.w.s. 44AD(4)
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