IF a person carries on business and is also a service provider.
Then whether he is liable to audit if:-
income from business is less than 1 crore and income from service is below 50 lakh rupees.
But his cumulative turnover is 1.3 crore.
Menu
Audit requirement u/s 44AB
Replies (4)
Quick Summary
You can choose both 44AD and 44ADA, audit is not required
If you are providing professional services then only limit of 50 lakhs applicable otherwise limit of 1 crore is applicable
In case of assesse being resident individual except with limited liability partnership except business of plying trucks . income will be computed at 6% of the estimate estimated income received by Account Payee chq or other pescribed electronic mode.8 % of gross receipts applied.
Nature of business is not mentioned.
Nature of business is not mentioned.
Check once the business is eligible business in respect of nature of business for 44AD
and also service sector, if it is an eligible profession then you may avail both
44AD and 44ADA without Audit .
44AB and
and also service sector, if it is an eligible profession then you may avail both
44AD and 44ADA without Audit .
44AB and
Recent Topics :
- How do you collect documents from clients for ITR
- GST ITC on Construction/ Tenant Specific Renovatio
- GST Treatment and Reporting of Share & Mutual
- AGM Defective Notice
- IMS Rejection of Sales and Sales return
- Taxation of Gift - Father to Daughter
- TDS on Property Purchased above 50lakh
- Accounting Treatment in Tally for Restaurant Sales
- Form 146 required
- Rule 86(B) Applicability
Related Topics :
CAclubindia
