TAX AUDIT LIMIT FOR FY 2021-22
This query is : Resolved
Quick Summary
17 September 2022
Dear All
My turnover is less than 1 Crore and my profit is less than 8% of turnover.
I have not opted for presumtive taxation u/s 44AD in any of previous years.
But my cash payment/receipt exceeds 5% of total receipts and payments respectively.
Please guide whether in this situation tax audit is mandatory?
Thanks
Nirmal
My turnover is less than 1 Crore and my profit is less than 8% of turnover.
I have not opted for presumtive taxation u/s 44AD in any of previous years.
But my cash payment/receipt exceeds 5% of total receipts and payments respectively.
Please guide whether in this situation tax audit is mandatory?
Thanks
Nirmal
17 September 2022
As TO is less than 1 Cr, tax audit liability doesn't exist.
17 September 2022
In this case tax audit is not required.
17 September 2022
Thank You both the experts for your valuable guidance.
18 September 2022
Most welcome ..
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
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Gst registered proprietorship firm
- Price inclusive or exclusive of GST while made entry in P& L Account
- Minimum tax payable to file Updated return
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- Salary from Qatar in Dollars in India
- TDS on purchase of under construction property from a reseller
- GST ISSUE OF INPUT AND OUTPUT GST
- Change Of Karta In Case of Death
- GST Intimation due to Government took possession of Business Premises under PPE Act
- Non filing of I T Returns
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
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
