Tax Audit u/s 44AD
This query is : Resolved
13 September 2019
Sir,
A Assessee has filled IT Return under Sec 44 AD (TO Below 1 Crore and Profit less than 8%) in FY 17-18.Can he apt out from the Tax Audit. If he file so, what will be the consequence.
Please help. Thanks
A Assessee has filled IT Return under Sec 44 AD (TO Below 1 Crore and Profit less than 8%) in FY 17-18.Can he apt out from the Tax Audit. If he file so, what will be the consequence.
Please help. Thanks
13 September 2019
as per section 44AB if turnover of previous year exceed Rs 1cr( upto FY 16-17) audit is compulsory or if turnover is less then 1cr and assessee show profit less then 8% or show loss then he required to maintain books of account u/s (44AA) and get them audited. penalty under section 271A is liable to pay which is Rs 25000
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