I'm maintaining books for my business and my profit is less than 8%. I will file ITR 3 and show profit below 8%, is tax audit u/s 44AB applicable to me?
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44AB TAX AUDIT
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Yes, as far as I know
If your gross turnover / gross receipts are less than or equal to 1 crore then no need of tax audit.
Tax audit is applicable when gross turnover exceeds 1 crore.
Tax audit is applicable when gross turnover exceeds 1 crore.
If you read the provisions, it is also given that, a person option for presumptive basis and showing lower profit, is subject to tax audit
No turnover criteria in that case
No turnover criteria in that case
As per my knowledge you can show profit below 8% without tax audit when your gross turnover is less than 1 crore
If you want you can other wise not required
and for financial year 19 -20 audit applicable is
rs 5cr if the taxpayers cash receipts are limited to 5% of the gross receipts or trunover and if the taxpayers cash payment are limited to 5% the aggregate payment
and for financial year 19 -20 audit applicable is
rs 5cr if the taxpayers cash receipts are limited to 5% of the gross receipts or trunover and if the taxpayers cash payment are limited to 5% the aggregate payment
Advisable to get your account audited
What about your turnover , your profit lessthan 8% ( through cash ) 6% ( through bank ) then you cannot choose 44AD , presumptive taxation !
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