Tax audit
This query is : Resolved
30 September 2017
Hi Everyone...
My turnover in FY 2016-17 is 1.64 Crore and i am claiming profits from my business is lower than the profits and gains computed as per the presumptive taxation scheme of section 44AD so i am liable to tax audit for the FY 2016-17.
My question is that can i opt presumptive taxation scheme of section 44AD in next FY 2017-18..
Ankit Patel
Mo. - 8691908859
My turnover in FY 2016-17 is 1.64 Crore and i am claiming profits from my business is lower than the profits and gains computed as per the presumptive taxation scheme of section 44AD so i am liable to tax audit for the FY 2016-17.
My question is that can i opt presumptive taxation scheme of section 44AD in next FY 2017-18..
Ankit Patel
Mo. - 8691908859
30 September 2017
yes, you may do so.....
30 September 2017
Am i liable for TDS compliance and obtain TAN for FY 2017-18 because for previous FY 2016-17 my books is audited u/s 44AB
30 September 2017
if you have liability to deduct TDS you should get the TAN no and Deduct TDS and pay to govt.
30 September 2017
Sir My question is am i liable to to deduct TDS and Tax audit in FY 2017-18. because in FY 2016-17 i am going for Tax Audit because my profit is less than presumptive income i.e. 8%. and in FY 2017-18 onward my turnover is very low and i will show as per profit section 44AA i.e. 8%.
30 September 2017
tax audit not required if showing profit @ 8% or above.
01 October 2017
01. A small query...... 8% as per 44AA..........do you mean to say 44AD?
02. since your case does not fall under (a) or (b) of section 44AB, TDS is not applicable
02. since your case does not fall under (a) or (b) of section 44AB, TDS is not applicable
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