Tax audit compulsory or not?
This query is : Open
11 August 2017
Hello,
I have a question. It is very clear that being a proprietor if my business income is more than or equal to 8%/6%, I can simply go for presumptive taxation and no tax audit is reuired
But my question is if my income if less than specified % or in case of loss, if I am filing ITR 3 along with financial statements means Balance Sheet and P&Laccount, even than am I required to have tax audit?
I have a question. It is very clear that being a proprietor if my business income is more than or equal to 8%/6%, I can simply go for presumptive taxation and no tax audit is reuired
But my question is if my income if less than specified % or in case of loss, if I am filing ITR 3 along with financial statements means Balance Sheet and P&Laccount, even than am I required to have tax audit?
11 August 2017
No, if you are not availing presumptive income scheme and Maintaining Books then Tax Audit is not required subject to the condition that your turnover is below 1 Cr.
Message likes :
1 times
11 August 2017
Yes. I agreed to Mr ABHISHEK GARG.
But, Above said way you have books of accounts is mandatory / must....
Message likes :
1 times
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
- STCG....................................................
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Treatment of Pension ?annuity returns on PMVY
- TAN for Partnership
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Free lancer income
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Plot of land. Cost of Acquisition
- STCG FOR GOLD ETFs
- Last year TDS Claim
- Soyabean hsn code and gst rate
- NON- SUBMISSION OF LLP FORM 3
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
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
