Tax Audit u/s 44AD
This query is : Resolved
J DAMODARAN
(Querist)
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
Karim N Shaikh
(Expert)
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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