Tax Audit applicability_Profit less than 8%/6%
This query is : Resolved
14 May 2022
Hi,
If net profit is less than 8%/6% (as the case may be) of turnover , then tax audit is applicable. (Turnover limit of Rs 2 cr).
However is there any condition that tax audit is applicable when profit is less than 8%/6% and when net income crosses basic exemption limit , else not? i.e both conditions to be satisfied?
Regards,
If net profit is less than 8%/6% (as the case may be) of turnover , then tax audit is applicable. (Turnover limit of Rs 2 cr).
However is there any condition that tax audit is applicable when profit is less than 8%/6% and when net income crosses basic exemption limit , else not? i.e both conditions to be satisfied?
Regards,
CA R SEETHARAMAN
(Expert)
14 May 2022
Yes, both condition should be satisfied.
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
- Reward for festival
- 18% Rent a cab
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Movement of goods by packers and movers - type of sale - Reg.
- TDS Return Statement Status
- Closer of business and itc of capital goods
- ARCA LOGIN
- RCM and same line
- Gratuity paid to legal heir above 20 lakh is taxable or not
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
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
