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F.y 20-21 audit limit
sir I am retail traders my turnover is 90 lac my income @ 5 percent then audit is compulsory in my case? please reply
Replies (49)
If u r going to apply business loan in the future, pls get Auditor Report for finalization of account
This is not my question please reply my query
Audit not compulsion for 90 lac. it is compulsory if crosses 1 cr
AS per section 44 AD of income tax act, if there is income which is lower than 6% of turnover in case all transaction through banking channels or less than 8 % of turnover in any other case, then he has to required prepare books of accounts and audit it.irrespective of turnover. here your turnover is 90 lacs and profit is @ 5% declaring then you need to get books of account audit compulsary.
Audit not required in your case
No tax audit is required in your case.
No tax audit is required if you are not on 44AD
If I file ITR when I have to show the income minimum 6%. What will i do in that case
In that case, file ITR4
File ITR 4
As per Sec 44AD you have to declare profit @ 8% in case of cash transaction, even transaction lesser than 5% of total receipts & payment then you can declare profit @ 6% . If you want to declare profit lower than it then you have to get your books audited compulsorily.
No it's not required.
No statutory requirement
You have to get your books audited as you are only declaring profit if 5% which पेस दें एस specified in sec 44 ad
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