Menu
F.y 20-21 audit limit
Quick Summary
Mr. Arvind if you show minimum 8% profit, you can avoid tax audit
Audit is complusory for you
In case you do not opt for showing income u/s 44AD, then tax audit is not compulsory for you but is suggested to get tax audit done. And in case you had opted to income disclosure u/s 44AD, then tax audit is compulsory.
Audit under section 44AD is compulsory in your case as the NP is less than 6%. If you offer anything less than 6% and file return, immediately you get defective return notice under 139(9) for not attaching audit report as lesser income is offered.
As your income is less than 6%or 8% then audit required in your case
Recent Topics :
- Self assessment tax paid not reflected in ITR2 fil
- Tax on nps corpus
- Tired converting GSTR-1, 2B & 3B to Clean Exce
- TDS on under construction property not deducted
- GST on Fixed Assets
- GST ITC april 22
- GST PAYMENT REGARDING
- GST Consultation Required – June–Augus
- TDS Code for Salary Payment to Non-Resident Intern
- TDS on property
Related Topics :
CAclubindia
