if T/O of business 40lacs..
profit is 1 lac.. that is less then basic exemption limit..
need to audit in current year..??
assessee claim 44AD last year..
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Audit under 44AD??
Replies (6)
You must audit your business
businesses with turnover up to Rs 2 crores can opt for presumptive taxation .......it is better to go by presumptive basis....if u go for audit u/s 44ab....then u cant opt for presumptive basis for upcoming years
You can opt out of presumptive taxation scheme (44AD) and declare lower income, without audit. However, in that case you will not be allowed to opt again for 44AD for next five years.
In this year if assesse want to show the income u/s. 44AD, not require to do the audit. Because, Audit requires, u/s. 44AD is only if t/o is more than 2crore. Even if assesse want show the income other than 44AD, also not required to conduct audit, because t/o is less than 1cr.
In the current FY, is assesse not opted for 44AD, then continously 5yrs, he cannot opt 44AD benefit.
In the current FY, is assesse not opted for 44AD, then continously 5yrs, he cannot opt 44AD benefit.
In case the total income of the assessee is below taxable limit (250000/-) no need to do audit u/s 44AD.
Otherwise file the return by applying 8% or 6% as the case may be and pay tax accordingly to avoid Audit.
In case the total income of the assessee is below taxable limit (250000/-) no need to do audit u/s 44AD.
Otherwise file the return by applying 8% or 6% as the case may be and pay tax accordingly to avoid Audit.
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