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CA Mohammed Khalandar (Practicing Chartered Accountant)     16 August 2020

Query on Tax Audit applicability

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



 5 Replies

Shahid Saifi

Shahid Saifi (none)     16 August 2020

Is it a business or a profession?
Raj C Doshi

Raj C Doshi (Practising CA)     16 August 2020

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)
priyanka pal

priyanka pal   16 August 2020

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.
CA Mohammed Khalandar

CA Mohammed Khalandar (Practicing Chartered Accountant)     21 September 2020

Hi

Its a business

CA Mohammed Khalandar

CA Mohammed Khalandar (Practicing Chartered Accountant)     21 September 2020

Hi

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

Please guide.


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