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Itr2 for AY 21/22

Page no : 2
Jimmy Shergil

Jimmy Shergil (Chairman)     31 July 2021

Is tax audit is compulsory as turnover is more than 1 cr. ?

 

Nidhi

Nidhi (Chief Accountant)     31 July 2021

Tax audit is applicable if u file return u/s 44AD

if u file under normal scheme, than tax audit is applicable
2 Like
CA Rashmi Gandhi

CA Rashmi Gandhi (Chartered Accountant)     31 July 2021

Tax audit is compulsory Only if you declared income less than 6% or 8% as the case may be.
2 Like
Jimmy Shergil

Jimmy Shergil (Chairman)     31 July 2021

I am filing return u/s 44AD and maintaining of Books of account are not mandatory in that case, than how can I justify my sale without books

Nidhi

Nidhi (Chief Accountant)     31 July 2021

U/s 44AD you are not required to maintain full books of accounts, But u have to maintain sale, purchase details, creditors and debtors details along with bank and cash balances.

as this requires to be mentioned in return
2 Like
Jimmy Shergil

Jimmy Shergil (Chairman)     31 July 2021

In GST and In IT return turnover need to be same ?

Nidhi

Nidhi (Chief Accountant)     31 July 2021

Yes, Ma'am, you have to reconcile both the figures with books or as per your sales register
Jimmy Shergil

Jimmy Shergil (Chairman)     31 July 2021

In Normal scheme, turnover limit for tax audit is 1 cr or 5cr? or increase

1 Like
Nidhi

Nidhi (Chief Accountant)     31 July 2021

As per the Budget 2020, (i.e from FY 2020-2021 onwards), an assessee having cash receipts and payments not exceeding 5%, is not liable for tax audit if his turnover does not exceed Rs. 5 crores.

in other case it's 1 cr. only
2 Like

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