Tax audit

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Ankit Patel (Querist)

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)

30 September 2017 yes, you may do so.....

Ankit Patel

Ankit Patel (Querist)

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)

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)

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)

30 September 2017 tax audit not required if showing profit @ 8% or above.

Amol S Joglekar

Amol S Joglekar (Expert)

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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