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TAX AUDIT - F.Y 2016-17

saikumar (ARTICLED ASSISTANT) (31 Points)

26 August 2017

A person who is a profession is having a turnover of Rs. 26 lakhs for the F.Y 2016-17 and showing the profit of Rs.4lakhs..and he is not opting for sec.44ADA.. whether will he covering under tax audit for the f.y 2016-17??

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6 Replies

neeraj gupta (1138 Points)
Replied 26 August 2017

yes if the person is aged below 80 years. in that case you are showingess than presumptive income and 4L income is greater than max exempt from tax (2.5L or 3L for SenCit).

neeraj gupta (1138 Points)
Replied 26 August 2017

you can refer 44AB(d)

saikumar (ARTICLED ASSISTANT) (31 Points)
Replied 26 August 2017

sir, here he is not opting 44ADA...when he opt for that section only we can say it is less than presuptive income..whether is it mandatory to compare the normal income with the income under sec 44ADA..???

neeraj gupta (1138 Points)
Replied 26 August 2017

it's not a matter of opting, the word used is deemed (considered is the closest definition). if we interpret it as opted there will be no point of having 44AB(d)

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SHUBHAM BHARGAVA (44 Points)
Replied 26 August 2017

if exceeds 25 lakhs in professional reciepts

Dixit (CA Final) (2405 Points)
Replied 26 August 2017

Originally posted by : neeraj gupta
	yes if the person is aged below 80 years. in that case you are showingess than presumptive income and 4L income is greater than max exempt from tax (2.5L or 3L for SenCit).