Tax audit u/s 44ab

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Husen A. Dela (Querist)
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31 May 2019 Individual or Firm having total income from business for FY 2018-19 of Rs.3,00,000/- and not opted for presumptive scheme is they liable to Tax Audit u/s 44AB ?

LLP or Pvt Ltd Co. having total income from business for FY 2018-19 of Rs.2,75,000/- is they liable to Tax Audit u/s 44AB ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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01 June 2019 Give the turnover .........................

Husen A. Dela

Husen A. Dela (Querist)
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02 June 2019 Less than 1 Crore in both case.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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02 June 2019 Yes tax audit applicable as they declared less than 8% profit and have taxable income.

Husen A. Dela

Husen A. Dela (Querist)
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02 June 2019 Thank you for answer, but sir in first case Individual and Firm not opted for presumptive scheme than why profit less than 8% effect tax audit?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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03 June 2019 Since you are declaring less than 8% profit, as per the provisions of income tax act tax audit applicable.

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