F.y 20-21 audit limit

Mohanraj J

1238 Points Posted on 03 April 2021

If u r going to apply business loan in the future, pls get Auditor Report for finalization of account

ARVIND

ACCOUNTANT

131 Points Posted on 03 April 2021

This is not my question please reply my query

Mohanraj J

1238 Points Posted on 03 April 2021

Audit not compulsion for 90 lac. it is compulsory if crosses 1 cr

CA Akshay Poriya

job in industry

329 Points Posted on 03 April 2021

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.

CA. Sourav Sarkar

Chartered Accountant

24588 Points Posted on 03 April 2021

Audit not required in your case

CA Puja Sharma

Chartered Accountant

5010 Points Posted on 03 April 2021

No tax audit is required in your case.

Kapadia Pravin

17264 Points Posted on 04 April 2021

No tax audit is required if you are not on 44AD

Ghanshyam Giri

member

24 Points Posted on 04 April 2021

If I file ITR when I have to show the income minimum 6%. What will i do in that case

Kapadia Pravin

17264 Points Posted on 04 April 2021

In that case, file ITR4

CA. Sourav Sarkar

Chartered Accountant

24588 Points Posted on 04 April 2021

File ITR 4

CA Rashmi Gandhi

Chartered Accountant

86505 Points Posted on 04 April 2021

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.