Under 44AD
This query is : Resolved
29 January 2021
Dear All
One of my client has aqua business - the turn over is more than one crore and less than two crores. All the receipts are only through bank accounts and there are no cash receipts. But the expenses is more than 5% of total expenses - is tax audit applicable in this case. Please clarify.
R S Sai Kumar
One of my client has aqua business - the turn over is more than one crore and less than two crores. All the receipts are only through bank accounts and there are no cash receipts. But the expenses is more than 5% of total expenses - is tax audit applicable in this case. Please clarify.
R S Sai Kumar
29 January 2021
Opt for 44AD and declare profit not less than 6% tax audit not applicable.
29 January 2021
Tax audit applicable only if you declare profit less than 6%
30 January 2021
Thanks to all -- but when I am generating the xml file, it is showing warning - that - whether cash expenses are more than 5% of total expenses or not - the options are YES and No- The cash expenses are more than 5 percent, if I select "YES", then, is the Tax Audit applicable? Please let me know
30 January 2021
Select yes tax audit not applicable if you opt 44AD.
30 January 2021
Thanks to all for prompt support to me
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30 January 2021
Welcome.... My Pleasure...
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