TAX AUDIT LIMIT FOR FY 2021-22
This query is : Resolved
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NIRMAL DAVE
(Querist)
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.
CA R SEETHARAMAN
(Expert)
17 September 2022
In this case tax audit is not required.
NIRMAL DAVE
(Querist)
17 September 2022
Thank You both the experts for your valuable guidance.
18 September 2022
Most welcome ..
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