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INCOME TAX AUDIT


nirmal paliwal (ipcc)     06 March 2021

nirmal paliwal
ipcc 
 8 points

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If my turnover is 5 crore in fy 2021 and all cash and receipts is less than 5% and profit is 8 lacs can I liable to tax audit
jashwanth

jashwanth (vijayawada)     06 March 2021

jashwanth
vijayawada 
 55 likes  400 points

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If ur profit is below 8%/6% of turnover then u should be liable for audit.
Sourav

Sourav (Student)     06 March 2021

Sourav
Student 
 532 likes  8763 points

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Yes you are liable for tax audit
Chirag

Chirag (Professional)     06 March 2021

Chirag
Professional 
 78 likes  951 points

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No ,If you are opting for presumptive taxation under section 44AD then you are liable for tax audit ,turnover is exceeding INR 100 Lacs ,However If you opt for regular one ,then upto 500 Lacs of ( Subject to 95% of GR/GP are in electronic mode and not in cash ) audit is not required ,if you have already opt for 44AD in PY then you can't go with 44AD for this FY 2020-2021,( It will not consider as breach of condition of claiming less than 6%/8% or loss).
Naveen

Naveen (student)     06 March 2021

Naveen
student 
 14 likes  321 points

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If u don't opt for 44AD - presumptive tax and if ur cash receipts and payments are less than 5%, u r not liable for tax audit. Audit for Less than 8% or 6% rule applies only for 44AD people and since ur turnover is more than 2 crores u don't have option to choose 44AD.

So as long as ur ur cash receipts and payments are less than 5% of ur total receipts and payments and turnover is less than 5 crores, u r not liable for tax audit
anil jain

anil jain (Partner)     06 March 2021

anil jain
Partner 
 31 likes  728 points

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44 AD in not for above 2 crore.

Above 5Cr with 5%or less cash transactions, Tax Audit is must, then do not think about profit %age.


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