Menu
Return filling defect
what is the reason of this type of errors as client is not liable for audit bcz turnover less than 1cr and profit less than 250000 (last yr return filled u/s 44ad)- error: you have claimed income less than 8% of gross turnover. please check ur computation and liability for audit if any u/s 44AB/ 44AD(5)
Replies (6)
Turnover alone is not criteria for tax audit.
% of profit also matters .
6/8% for business
50% for profession
So for turnover based non audit cases , the minimum profits should be 6%/8%/50%
% of profit also matters .
6/8% for business
50% for profession
So for turnover based non audit cases , the minimum profits should be 6%/8%/50%
8% criteria IA applicable only in case when we opt for 44ad otherwise is u have profit less than 250000 then no audit is required as per 44AD(5)
How much is the value of gross receipts ?
66 lacs
Are you able to file ITR without Audit Report ?
Till now it's pending
Recent Topics :
- Utilising Section 54(F) for capital gains reinvest
- GST ewaybill closure and Bill to ship to GST numbe
- TDS ON PARNTER INTEREST
- Share important chapters of ca inter costing
- Free CA Foundation Study Material - PYQs with Sugg
- INCOME TAX
- Moving from old to new tax regime after notice
- Need urgent help on notice
- ITR-3 - F&O Loss adjusted against business inc
- Error - Blank Rows in Schedule SI (ITR-2)
Related Topics :
CAclubindia
