Tax Audit for Below Turnover 1 Cr
This query is : Resolved
30 June 2023
Hello Sir/Ma'am,
My query is that I have client whose turnover is Rs. 22 Lac and Net Profit is rs. 88k which is around 4%, He is not opt 44AD for filling ITR and He is file return as per normal provisions, I just want to know that whether he is liable for Tax Audit or Not ?
bcz as per 44AB turnover are not exceed Rs. 1 Cr. For Audit requirements or neither he is opt for 44AD which is related with 6% or 8% profit rule
My query is that I have client whose turnover is Rs. 22 Lac and Net Profit is rs. 88k which is around 4%, He is not opt 44AD for filling ITR and He is file return as per normal provisions, I just want to know that whether he is liable for Tax Audit or Not ?
bcz as per 44AB turnover are not exceed Rs. 1 Cr. For Audit requirements or neither he is opt for 44AD which is related with 6% or 8% profit rule
Dhirajlal Rambhia
(Expert)
30 June 2023
No tax audit liability in current AY, if he had not opted for sec. 44AD IT act, in any of preceding five years.
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