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Audit applicability 44ab
1. Business T/o is 1.5Cr I'm showing profit of 4L, whether Audit applicable, if yes, under which section? I've not opted for Presumptive Taxation.
Replies (3)
Quick Summary
If you're cash expenses is 5% then for tax audit t/o limit is 10 crores rupees subject to 5 crores rupees earlier and if cash expenses and receipts exceeds 5% then turnover limit will be 1 crores rupees. In this case tax audit might be applicable
Audit applicable under sec. 44ab if Turnover exceeds 1 cr.
if you don't want to get your accounts audit ,then
go for 44ad (presumptive taxation )and you can claim profit, not less than 8% for cash receipts and 6% for bank receipts . you can also show more profits.
Refer 44ab and 44Ad for detail analysis.
if you don't want to get your accounts audit ,then
go for 44ad (presumptive taxation )and you can claim profit, not less than 8% for cash receipts and 6% for bank receipts . you can also show more profits.
Refer 44ab and 44Ad for detail analysis.
44AB(a)
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