Query on Tax Audit applicability

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Practicing Chartered Accountant
203 Points Joined April 2008

Hi,

Facts :

1. Individual Proprietorship.

2. FY 2019-20 : Turnover - 1.2 Cr.

3. FY 2018-19 : Turnover < 1 Cr. ( Not opted for Presumptive taxation u/s 44AD).

4. Provisional Profit for FY 2019-20 : 2 Lakhs.

Query : Whether Tax Audit is applicable?

 

Thanks

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On 16 August 2020 at 14:35 Report
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none
67 Points Joined August 2011
Is it a business or a profession?
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On 16 August 2020 at 14:50
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Practising CA
8944 Points Joined December 2013
Yes. Applicable for FY 2019-20 provided gross income including business profit exceeds 2.5 lakhs/ 3 lakhs/5 lakhs (basic exemption limit applicable based on Age)
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On 16 August 2020 at 16:51
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110 Points Joined August 2019
Yes tax audit is compulsory if t/o exceed rs 1cr. if assessee opt for 44ad then tax audit required if assessee claimed income less than pgbp deemed income u/s 44ad.
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On 16 August 2020 at 17:42
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Practicing Chartered Accountant
203 Points Joined April 2008

Hi

Its a business

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On 21 September 2020 at 17:19
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Practicing Chartered Accountant
203 Points Joined April 2008

Hi

We can claim the benefit of 5 crores limit as the cash transactions are less than 5%.

Please guide.

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On 21 September 2020 at 17:22


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