Tax audit u/s 44ab
This query is : Resolved
Husen A. Dela
(Querist)
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 ?
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
(Expert)
01 June 2019
Give the turnover .........................
Husen A. Dela
(Querist)
02 June 2019
Less than 1 Crore in both case.
CA R SEETHARAMAN
(Expert)
02 June 2019
Yes tax audit applicable as they declared less than 8% profit and have taxable income.
Husen A. Dela
(Querist)
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
(Expert)
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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