Respected Experts if individual person Total Turnover is Rs. 1 crore 15 lac and his net profit of P&L is 10% then he is compulsory for Income Tax Audit or not
please clarify
thanks
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Replies (9)
Unless sec. 44AD applied........ ie income eligible and declared under presumptive section .....
Tax audit madatory.....
how to figure out while filing ITR3 if I have GST detail......how to know Department I have GST ?
audit is applicable since turnover exceeds 1 crore.. 44AB is applicable
| Originally posted by : FAHEEM AKRAM | ||
 |
how to figure out while filing ITR3 if I have GST detail......how to know Department I have GST ? |  |
Everything is cross connected, including your bank account, demate account, investments (AIR reporting !!) etc., just based on PAN. Its not only through ITR3, but even through ITR1, department can verify whether you have GSTIN, its transaction and other details, in case it is required to be verified.
Yes... I agreed to Mr Dhirajlal Rambhia Sir views...
@ Vinod Kumar.,
If the above said business and Assessee is eligible under sec 44AD then he can go to opt sec 44AD and Can be shown 8 percent or above 8 percent profit without audit...
In case you can't opt 44ad then Tax Audit applicable for the above Turn Over
@ Vinod Kumar.,
If the above said business and Assessee is eligible under sec 44AD then he can go to opt sec 44AD and Can be shown 8 percent or above 8 percent profit without audit...
In case you can't opt 44ad then Tax Audit applicable for the above Turn Over
Thanks to all experts
If I have file ITR 3 and select the option sec 44AD then Audit is not compulsory
I have Already Advance Tax Deposit Rs 65000
If I have file ITR 3 and select the option sec 44AD then Audit is not compulsory
I have Already Advance Tax Deposit Rs 65000
| Originally posted by : vinod kumar pal | ||
|
Thanks to all expertsIf I have file ITR 3 and select the option sec 44AD then Audit is not compulsoryI have Already Advance Tax Deposit Rs 65000 | |
No... ITR 3 is not Suitable for the above Query... ITR 4 is suitable...
But., We don't know Your business and Assessee is eligible or not u/s 44AD...
So, You only tell the details...
Even if your net profit is 10% of turnover, you are not covered under section 44AD i,e taxability of income on presumptive basis. You have to get your accounts audited under section 44AB as your gross receipts/turnover exceeded the threshhold limit of Rs. 1 crore.
Even if your net profit is 10% of turnover, you are not covered under section 44AD i,e taxability of income on presumptive basis. You have to get your accounts audited under section 44AB as your gross receipts/turnover exceeded the threshhold limit of Rs. 1 crore.
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