Tax Audit applicability
This query is : Open
samantha gonsalves
(Querist)
24 August 2020
For AY 2020-21
Assessee: Individual
Source: Income from Business
Turnover: Between 1cr to 2cr (Having cash payments exceeding 5% of total payments, however cash receipts are less than 5% of total receipts)
Profit declared > 8% (Not opted for presumptive taxation u/s 44AD)
Whether the assessee is liable for tax audit u/s 44AB?
Assessee: Individual
Source: Income from Business
Turnover: Between 1cr to 2cr (Having cash payments exceeding 5% of total payments, however cash receipts are less than 5% of total receipts)
Profit declared > 8% (Not opted for presumptive taxation u/s 44AD)
Whether the assessee is liable for tax audit u/s 44AB?
CA Ankith Jain
(Expert)
26 August 2020
Yes, tax audit is applicable under 44AB.
For any queries, you could contact at caankithjain@gmail.com.
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