F.y 20-21 audit limit

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Naman Garg

4 Points Joined February 2020

You have to get your books audited as you are only declaring profit if 5% which पेस दें एस specified in sec 44 ad

Replies (49)

Naman Garg

4 Points Joined February 2020

You have to get your books audited as you are only declaring profit if 5% which पेस दें एस specified in sec 44 ad

Someone

2 Points Joined April 2021

Arvind ....
Audit is not applicable in your case

Gaurav Gupta

Article

39 Points Joined October 2013

You are required to get your books audited as per section 44AB(e) as your profits are lower than the deeming provisions of sec 44AD

CA Gopal Kabra

17 Points Joined September 2020

Yes sir if you want to show profit below 6% (Bank Turnover) and 8% (Cash Turnover) then Audit is compulsory

parmanand

mother dairy

171 Points Joined March 2009

If you want to shown profit lower than 6% & turnover is 90 lakhs, file ITR 3 & there is no need to get your account audited. But you have to show all details accurately at time of filing ITR

CA Hemi Bhagat

proprietor

31 Points Joined April 2019

U/s 44AB the limit is Rs. 1crs. and if you have 95 % receipts which are through banking or digital channel then the limit is Rs.5 crs.

So u/s 44AB as such you are not eleigible for audit.

But since your income is only 5% of the turnover, you will have to get your books audited u/s 44AD which requires that if your income is less than 6%(for banking) and 8% for other receipts then you have get your books audited.

Hence you are liable to get your books of account audited u/s 43AD.

M J V Shankar

Practicing Chartered Accountant

306 Points Joined February 2016

You are required to get audited, if declared profit less than 8 or 6% respectively

SUJITH GUPTHA

articles

92 Points Joined December 2012

If you declare Income as per section 44AD than no need to get books of accounts audited if your turnover is within the threshold limit as mentioned otherwise you have to get your accounts audited if you want to declare Income at 5% of turnover even if your turnover is less than 1 crore

Sonal kataria

Paid assistant

7 Points Joined May 2017

If you have never declared income under 44ad since ay 2017-18 then audit won't be applicable to you. . but if you declared then if your total income is above maximum amount chargeable to income tax then yes you have to get your books audited

Mujeeb Doi

309 Points Joined June 2017

In case you want to show your return as per 44AD or in previous year you had filed return as per 44AD then only, audit is compulsory, otherwise audit is not compulsory as your turnovet is not exceeding 90lakhs even if your net income is 5% of your turnover

Kavita Kumari

article

45 Points Joined June 2015

If you file your ITR by showing minimum income @ 6% then need to file ITR-4 u/s 44AD. not required to get accounts audited. Further 6% is required to be paid in case bank transaction mode is used and 8% will be applicable in case turnover is other than bank.

Paras Lamba

3 Points Joined October 2015

If u r showing net profit 8%or more of ur turnover u/s 44AD then u r not eligible for tax audit

Otherwise you have to get your accounts audited

RAVI AGARWAL

5 Points Joined February 2018

Not mandatory

Krishna Kumar

4 Points Joined April 2017

NO TAX AUDIT IS NOT REQUIRED. But you need to maintain books of accounts. However, if you does not want to maintain books of account and wishes to opt Presumptive taxation scheme then you need to get accounts audited for declaring 5% profit.

Provided if you have earlier opted for Presumptive scheme and also eligible for presumptive scheme in AY then you have to get your accounts compulsory audit irrespective of turnover of you want to declare 5% profit margin.

Make decision wisely.