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Tax Audit
If my pvt Ltd company's turnover is 95 lacs and profit is less than 8%. Do I need to need to get the accounts audited?
Replies (7)
But section 44AD isn't applicable to companies.. So 8% clause will not arise as per my views
dear palak, companies are requored to be audited under companies act 2013, and under income tax in your present scenario no tax audit is reqd. but still while filing itr audit under companies act must be filled up.
@ Palak.,
Your Accounts ll be required audit...
Your Accounts ll be required audit...
I presume that your query is with regard to audit under Income Tax act. Since you have not mentioned your type of business I am considering it does fall in any special category, further, you have not opted to pay tax on presumptive basis (section 44AD, 44AE, 44BB, 44BBB etc)
44 AB covers tax audit cases. The section provides that a person is required to get his books of account audited if in the previous year;
- He is carrying on business provided the turnover exceeds Rs 1,00,00,000/-;
- He is carrying on profession provided the gross receipts exceed Rs 25,00,000/-;
- He is covered under presumptive taxation (section 44AE, 44BB,44BBB, 44AD)
Therefore, in your case no audit is applicable under the income tax act.
@ Prathik sir, @ Luvish sir thanks for the reply.. I am concerned about Income tax audit.. And I go with your views on this
Tax Audit not required but as per companies Act,2013 company audit required.
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