Tax audit
This query is : Resolved
shailesh gupta
(Querist)
14 July 2018
Hello Freinds...
i have dought on....
where i have bussiness income of Rs. 90 lakh . and my net profit is 4 lakh. whether i require to get tax audit ( as im showing less than 8% where as. Im not opting 44AD)
in short..!!
in case im not opting for 44AD and my income is Less than 8% and profit is more than basic exemption limit
do i required to get Tax audit....
or im exempt from tax audit as turnover is less than 1 crore and im not opting for 44AD
i have dought on....
where i have bussiness income of Rs. 90 lakh . and my net profit is 4 lakh. whether i require to get tax audit ( as im showing less than 8% where as. Im not opting 44AD)
in short..!!
in case im not opting for 44AD and my income is Less than 8% and profit is more than basic exemption limit
do i required to get Tax audit....
or im exempt from tax audit as turnover is less than 1 crore and im not opting for 44AD
CA R SEETHARAMAN
(Expert)
14 July 2018
As you are declaring less than 8% profit and profit is more than basic exemption limit tax audit applicable to you.
shailesh gupta
(Querist)
14 July 2018
but sir im not not opting for 44AD,
CA R SEETHARAMAN
(Expert)
14 July 2018
If you opt 44AD tax audit not applicable else tax audit applicable.
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
- EPF ECR NEW FILE SEP 17TH 2026
- Under marginal scheme
- TAX AUDIT ON PROFESSIONAL INCOME
- TDS on Fixed Assets purchased
- Oct 2025 Invoices
- GST on Renting godown to KFCSC for Storage of Raagi
- Non filing of I T Returns
- Capitalgain tax purposes for valuation report compulsory
- Clarification Requested: Gift → NRO → NRE → Overseas Transfer - USA/CANDA (FEMA & Tax Compliance)
- Import of Software Service.
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- 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?
- Resigning a auditor from the company for misconduct
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
