Tax audit

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Ankit Patel (Querist)
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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

Amol S Joglekar

Amol S Joglekar (Expert)
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30 September 2017 yes, you may do so.....

Ankit Patel

Ankit Patel (Querist)
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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

Gokul Sharma

Gokul Sharma (Expert)
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30 September 2017 if you have liability to deduct TDS you should get the TAN no and Deduct TDS and pay to govt.

Ankit Patel

Ankit Patel (Querist)
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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%.

Gokul Sharma

Gokul Sharma (Expert)
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30 September 2017 tax audit not required if showing profit @ 8% or above.

Amol S Joglekar

Amol S Joglekar (Expert)
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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

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