if individual filed return in FY 2016-17 as presumptive income and in FY 2017-18 his income was appx. 1.5cr he was liable for statutory audit. In FY-2018-19 his turnover is 90 lac.
Is he still liable for statutory audit or he can file income tax return without statutory audit.
Menu
Proprietor business income
Replies (3)
| Originally posted by : Rahul Pathak | ||
 |
if individual filed return in FY 2016-17 as presumptive income and in FY 2017-18 his income was appx. 1.5cr he was liable for statutory audit. In FY-2018-19 his turnover is 90 lac.Is he still liable for statutory audit or he can file income tax return without statutory audit. |  |
He is liable for Tax Audit under Income Tax for the F.Y. 2018-19
Because his T/o more than Rs. 1 Crore in Previous Year 2017-18
I presume you are filing ITR under 44AD.
Since turnover for FY 2018-2019 is 90 lakhs well within limits , there is not need to tax audit . (irrespective of PY Turnover).
Since turnover for FY 2018-2019 is 90 lakhs well within limits , there is not need to tax audit . (irrespective of PY Turnover).
If you are filing your ITR under the Presumptive Taxation Scheme ( PTS ) , then no Tax Audit u/s 44AB of the Income Tax Act 1961 is required.
Recent Threads
- Apply for GST registration while working in MNC
- Deferment period for Advance Tax under Section 234
- Permanant transfer of duty free goods by Advance A
- 1% TDS Deduction on Property purchase through inst
- Tax on leave encashment on retirement
- Guidance Required on Notices Under Section 234B Af
- Rcm invoices and normal invoice
- Regarding STCG on Equity
- GSTR 9 details with same PAN & different Turno
- Hotel ITC
Related Threads
CAclubindia
