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