Tax Audit Compusalary

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This discussion clarifies that once you opt out of presumptive taxation under Section 44AD, you may be required to maintain books and file a tax audit report for the next five years. It also addresses Goods and Services Tax (GST) Reverse Charge Mechanism (RCM) for transportation services, explaining that IGST is applicable when the supply is from one state to another, regardless of whether the transporter is registered or not.

Amandeep Singh

Amandeep Singh (Querist)
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09 September 2022 Dear Sir,

Kindly Suggest FY 2019-20 Turnover is Rs.70 lacs We have filed ITR under section 44AD. FY 2020-21 Turnover is Rs.82 Lacs but profit is 5% We filed ITR after tax audit FY 2021-22 Turn over is Rs.74 Lacs profit is more then 8% Can we file under ITR section 44AD

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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09 September 2022 No. Once opted out from presumptive assessment u/s. 44AD(1), Sec. 44AD(4) gets triggered.
Hence, as per sec. 44AD(5) of IT act, you need to maintain books for next 5 years and file tax audit report u/s.44AB(e) along with ITR...

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Amandeep Singh

Amandeep Singh (Querist)
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15 September 2022 Thank you Very much Sir,

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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15 September 2022 You are welcome ....

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Amandeep Singh

Amandeep Singh (Querist)
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17 September 2022 Dear Sir,
We have received the Services from Registered Transporter. He is from Hyderabad (AP) place of supply AP to Gujarat. Invoice Value Rs.50000/- we have deposited RCM RS.2500/- Tax under IGST head. Now we have got the services from Unregistered Transporter he is belong to Ludhiana (Punjab) Place of Supply Punjab to Gujarat. Please suggest In unregistered GTA Case which RCM tax applicable IGST or CGST/SGST

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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17 September 2022 Generally, GTA are unregistered, as the service is under RCM, so not required to register mandatory. In the said case, you being service receipant, & registered under GST, are liable to pay GST under RCM. Supply being Punjab to Gujarat, IGST will be applicable.

Amandeep Singh

Amandeep Singh (Querist)
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17 September 2022 Thank you Very much Respected Sir,

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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18 September 2022 Your are welcome ...

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