Tax audit which clause applicable and 2nd bank transaction

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This discussion clarifies tax audit applicability for a dealer with sales turnover of Rs. 185 lacs and a net profit of Rs. 9 lacs, indicating Section 44AB(a) applies as turnover exceeds Rs. 1 crore. It also confirms that all bank accounts, including a second savings account with cash credits and loan transactions, must be declared in the Income Tax Return, along with any interest earned or income credited.

Kollipara Sundaraiah

Kollipara Sundaraiah (Querist)
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31 August 2023 Sir,
Q.no.1.A Gst registered rice goods taxable and exempted dealer sales turnover rs:185 lacs as per GST portal f.y.22-23
Q.no.2 dealer AIS information download f.y.22-23 dealer show one current bank account show in books and it returns every year.but dealer 2nd savings bank account show in AIS f.y.22-23
Question:
1.dealer net profit rs:9 lacs declared (4 precentage) which clause applicable tax audit.
2.dealer 2nd bank sb account transaction some cash credit and debit loans show in bank statement.2nd bank account transaction show in it returns compulsory.

RAJA P M

RAJA P M (Expert)
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31 August 2023 Yes, 2nd bank (and all bank account) will be accountable and shown in income tax return...

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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31 August 2023 1 Turnover exceeds 1 crore 44AB (a) clause applicable.
2 Show interest earned on such bank account. Show in ITR any income credited in the account.

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