Meaning of income u/s 44ab(c) and if audit is complusory
Querist : Anonymous
section 44AD(5) and word “INCOME” used in section 44AB (c) whether
it is Gross total income or income after deducting all deductions
under chapter VI-A. Let me further explain, suppose my sale is 60
lakh and I declare profit from business below 8% i.e. Rs. 250000/- (
which also my GTI) and deduction U/S 80C is 55000/- . So my Taxable
income is 195000/-. My query is –
1. Whether income tax audit is compulsory?
2. If audit is compulsory, if I have to get digital signature?(plz
refer income tax rule 12(3)(aaa) which species that if you have to
audit ( it doest matter your sale is below 1 crore or more that 1
crore) you have to furnish your return under digital sign?
.
U/s 44AB(d) where "total income" has been reduced to merely "income" also should be understood as "Total Income" as the requirement of Audit emanates from Section 44AD(5).
.
Conversely, if you come via- Section 44AB(d),
then also requirement of tax audit will be there only when "Total" Income exceeds the taxable limit as per Section 44AD(5).
.
In case of Audit, (you must opt) digital signature is compulsory.
.
Querist : Anonymous
Querist : Anonymous
.
But, the problem area is-
.
our tax system is now no more trust-worthy, every provision is ( and has to be) seen with a suspicious look.
.
The asseess is left in the dilemma.
.
If he shows lower profit and files un-audited accounts- doubts of selection for the scrutiny creeps into his mind till the next year's September. Though he will file his return, he can not feel free.
.
If he decides to get his accounts audited he has to incur further expenditure and devote his precious time.
.
Time consumption and wastage of hard earned money is common in both the eventualities. The only difference left is discomfort which can be normalised by adopting the criteria of the Net Present Value or Future Value of Cash ....Outflow.
.
Click here to login now
Similar Resolved Queries
- Reopen of assessment proceeding
- TDS on Consultancy- Non DTAA
- Depreciation of fixed assets- coop housing society in mumbai
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Gift Received from nonblood relative
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Rental income gst and it purpose
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
