Income tax audit

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43 Points Posted on 20 October 2020
maximum turnover limit which is not applicable for income tax audit for F.Y 2019-20?
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On 20 October 2020 at 11:02 Report
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This discussion clarifies income tax audit applicability for FY 2019-20. Generally, if presumptive taxation under Section 44AD isn't opted for, an audit isn't required for turnovers up to 5 crore. However, if presumptive taxation was chosen and profits are below the deemed profit rate (e.g., less than 8%), an audit may still be necessary, even if the turnover is under 2 crore.

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285 Points Posted on 25 October 2020
If u didnt opt for 44 ad , then upto 5 crore , no audit is reqd
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On 25 October 2020 at 09:37
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43 Points Posted on 25 October 2020
Assese haveturnover less than 2 cr and net profit less than 8% still why he is in audit?
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On 25 October 2020 at 10:54
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285 Points Posted on 26 October 2020
Whether the assesee has opted for presumptive taxation? if yes, then deemed profits will be inapplicable as profit less than 8 percent and audit will be reqd.
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On 26 October 2020 at 09:27
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43 Points Posted on 26 October 2020
No always filed under 44 ab
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On 26 October 2020 at 09:57

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