Profit less then 8%
This query is : Resolved
09 July 2022
Dear Sir/Madam
Previous year 2020-21 We filed ITR under 44AD Profit 8% But in Financial year 2021-22 Assessment year 2022-23 Turnover is Rs.7300000/- and profit is 6.20% Can we go for tax audit if yes which section please suggest
Previous year 2020-21 We filed ITR under 44AD Profit 8% But in Financial year 2021-22 Assessment year 2022-23 Turnover is Rs.7300000/- and profit is 6.20% Can we go for tax audit if yes which section please suggest
09 July 2022
If your cash transaction does not exceed 5%, no tax audit mandatory. [Here cash transaction means -- aggregate of all amounts received including amount received for sales, turnover or gross receipts during the previous year, in cash, and aggregate of all payments made including amount incurred for expenditure, in cash, during the previous year does not exceed five per cent of the said payment]
Otherwise u/s. 44AB(a) of IT act.
Otherwise u/s. 44AB(a) of IT act.
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