Whether tax audit required for both business and profession?
This query is : Resolved
17 October 2023
Business turnover is 15 Lac - 44AD complied. Professional turnover is 7 Lac- Profit 2 Lac only- 44ADA not complied (less than 50% of gross receipts-44ADA not eligible). Total turnover under the PAN is 22 Lac. Can we do 44AB for profession and adopt 44AD for business?
17 October 2023
Tax audit not applicable in both the cases.
17 October 2023
Yes I agreed with Mr CA R SEETHARAMAN Sir,
As per Your query Tax audit not applicable. But, the professional income must be u/s 44AA. otherwise profit will be declare 50% (or above)
17 October 2023
Sir, Kindly note that professional income is less than 50% of gross receipts. There fore Tax audit u.s. 44AB(d) applicable. In that case whether audit required for business also?
18 October 2023
Audit not required for business as opted for 44AD.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- Refund Annexure-B
- TDS Claim year
- Liable to deduct tds and 44ADA
- Refund of 20%pre-deposit paid for stay application
- Rent lease agreement
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- TDS Challan Code
- SGST balance is there in credit ledger how to adjust for cgst
- Internship/Academic shown in Salary Pay Slip of a Doctor
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
