Tax audit
This query is : Resolved
05 September 2014
Hi everyone,
We have a client who was audited under 44AB last year but this year his turnover is below 1crore.So my query is he liable for tax audit and if so under which section ?
Please reply soon and thanking you in advance.
We have a client who was audited under 44AB last year but this year his turnover is below 1crore.So my query is he liable for tax audit and if so under which section ?
Please reply soon and thanking you in advance.
05 September 2014
not liable if no turnover is crossing the 1 crore limit
05 September 2014
Limit of Turnover to be considered every year. So if in any year this limit is not crossed, Tax Audit not required.
Message likes :
1 times
05 September 2014
Also the clients Profit declared as per books is less than 8% of turnover can it be audited it be audited in 44AD
05 September 2014
yes then tax audit is compulsory.............
05 September 2014
So is there any difference in audit report u/s 44AB and 44AD also ITR of client is not filed yet?
05 September 2014
there is no difference as the report shall be same but minor changes in the clause in the report
Message likes :
1 times
05 September 2014
i have selected audit u/s 44AD in part 8 of 3CD,i should fill in whole net profit amount in part 12 of 3cd
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- Employee secondment
- IMS (import of goods) ITC related
- Form 144 TDS Return Validation Error – Mandatory Fields
- Rent agreement of House of deceased person
- Applicability of tax on invoice
- Capital Gains Tax on Inherited Mutual Fund
- LLP audit and disclosure
- Form 144 TDS Return Validation error
- GST ITC as per notification 12/2023- central tax
- Ito add credit side of bank
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
