banner_ad

44AB TAX AUDIT

Others 370 views 7 replies
User Avatar

1 Points Posted on 04 January 2021

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?

0 Reply Share Follow
On 04 January 2021 at 19:02 Report
Replies (7)
User Avatar

20 Points Posted on 04 January 2021
Yes, as far as I know
Reply
On 04 January 2021 at 19:22
User Avatar

51 Points Posted on 04 January 2021
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.
Reply
On 04 January 2021 at 19:24
User Avatar

20 Points Posted on 04 January 2021
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
Reply
On 04 January 2021 at 19:26
User Avatar

51 Points Posted on 04 January 2021
As per my knowledge you can show profit below 8% without tax audit when your gross turnover is less than 1 crore
Reply
On 04 January 2021 at 19:57
User Avatar

Tax consultant
5895 Points Posted on 04 January 2021
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
Reply
On 04 January 2021 at 21:28
User Avatar

524 Points Posted on 04 January 2021
Advisable to get your account audited
Reply
On 04 January 2021 at 21:32
User Avatar

STUDENT
1631 Points Posted on 04 January 2021
What about your turnover , your profit lessthan 8% ( through cash ) 6% ( through bank ) then you cannot choose 44AD , presumptive taxation !
Reply
On 04 January 2021 at 22:15


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topic

More recent discussions | Post

Related Topics
Loading

Latest Job Openings

View all
Company
27 May 2026
Audit Assitant

Virender K Gupta and Co

New Delhi

B.Com

View Details
Company
16 May 2026
Audit clerk

mgirt & co

Bengaluru

CA Inter

View Details
Company
ARTICLESHIP 17 May 2026
CA Article /Trainee

Malik Sunil & co

New Delhi

CA Foundation

View Details
Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details
Company
29 May 2026
Finance Head

Bhawar Sales Corporation

Chennai

Graduate (Any)

View Details
Company
ARTICLESHIP 15 May 2026
ARTICLE ASSISTANT, TRAINEE AND PAID ASSISTANT

YOGESH KAPOOR AND ASSOCIATES

New Delhi

B.Com

View Details
Company
04 June 2026
Semi Qualified CA

Goyal Puneet & Associates

New Delhi

CA Final

View Details
Company
ARTICLESHIP 31 May 2026
Article Assistant

KPRS And Associates

New Delhi

CA Inter

View Details