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
- Supply through E-commerce Operators
- STCG....................................................
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- TAN for Partnership
- Sales return eway bill
- Relief u/s Section 89
- REGARDING GST LIABILITY/....
- Specified Profession
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- STCG FOR GOLD ETFs
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
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
