Tax audit

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Querist : Anonymous

Querist : Anonymous (Querist)

23 August 2013 my turnover in f.y. 2012-13 is 45 lac and profit is 1,85,000/- till today i can not fill the return. my ques is "it is any need to make a tax audit or not". if yes, than in which sec we make audit.
pls help it's argent
thank you

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

23 August 2013 Please mentioned the nature of business or professional,

Under normal provision for business Rs.1 crore turnover limit & Rs.25 lakhs for professional not required the tax audit u/s.44AB for ay-13-14

how ever incase business covered under sec.44AD. need to declare the 8% presumptive profit otherwise audit is compulsory. since given case profit is less than 8% if your business comes under sec.44AD, then audit will apply

Querist : Anonymous

Querist : Anonymous (Querist)

23 August 2013 i am dealer of 1 company. my net profit is below 2 lac i.e rs.1,85,000/-and no other income. it is compulsory to make audit.

thank you

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

23 August 2013 Provide nature of business

Querist : Anonymous

Querist : Anonymous (Querist)

25 August 2013 natur of busines- wholesaler
my income is below taxable income.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

25 August 2013 you are covered under sec.44AD. since the profit is less than 8%, audit is compulsory

Querist : Anonymous

Querist : Anonymous (Querist)

31 August 2013 but i consult a advocate, he says that in my case, it is not compulsory to make audit. b'cos total profit is below rs.2 lac limit.
pls help for this issue what i can do.
thank you

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

31 August 2013 Tax audit application not based on profit & turnover. your business is covered under sec.44AD, and if you want to declare the profit less than 8%, audit is compulsory. in case you have not opt sec.44AD and you can go for normal provision and file the return without audit since the turnover is less than Rs. 1 crore

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)

07 September 2013 Since your profit is less than 8% of gross turnover you have to get your accounts audited u/s 44AB as you are covered u/s 44AD. If you show Net profit of 8% then no audit is required but to show lower profit than 8% you can do so by getting your accounts audited and submitting the report to the ITO or concerned officer.

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