Tax audit or not
This query is : Open
04 March 2018
Dear Sir's
I am doing retail busines, Turnover less than 1 crore fy 16_17 & net profit less than 8% it is tax audit case or non tax audit.
I am doing retail busines, Turnover less than 1 crore fy 16_17 & net profit less than 8% it is tax audit case or non tax audit.
04 March 2018
It will be audit under section 44AD if you show it income as less than 8% of your turnover.
04 March 2018
Tax audit not applicable for Turnover less than 1 crore and net profit less than 8%
Section 44 of Income Tax Act, 1961 essentially deals with sections related to audit, presumptive taxation and special provisions related to computation of income for business purpose. Till FY 2015-16, eligible assesses having turnover less than Rs 1cr and net profit less than 8% cannot were not allowed to avail the presumptive taxation scheme and had to be mandatorily audited by chartered accountant. This article tries to analyse the position brought by amendment to Section 44AB and 44AD by Finance Act, 2016. In my case above method aplicable or not
Section 44 of Income Tax Act, 1961 essentially deals with sections related to audit, presumptive taxation and special provisions related to computation of income for business purpose. Till FY 2015-16, eligible assesses having turnover less than Rs 1cr and net profit less than 8% cannot were not allowed to avail the presumptive taxation scheme and had to be mandatorily audited by chartered accountant. This article tries to analyse the position brought by amendment to Section 44AB and 44AD by Finance Act, 2016. In my case above method aplicable or not
06 March 2018
Sir in your case, as you an individual doing retail business for the FY 2016-17 and has turnover less than 1 crore then as per section 44AD your income should be min 8% of net profits or above 8% orelse you will need to do audit of your business.
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
- CAPITAL GAIN REDEVELOPED FLAT
- Multiple payment of self assessment tax for A Y 2025-2026
- Requirement under FEMA &RBI
- REGARDING ITR FILING QUESTION
- Query regarding TDS on EPFO Higher Pension Arrears- under wrong section
- Query regarding Item 61/62/63 vs Item 64 in ITR-3
- TDS NOT YET CREDIED
- Itr processing refund
- Query regarding reporting of exempt foreign remuneration in ITR
- PF wage ceiling
- GST REGISTRATION REQUIRED TO DIAGNOSTIC UNIT
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
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
