what if assessee has turnover less than RS 2cr in next financial year will he be required tax audit ??
e.g fy 2016-17 2cr. yes
fy 2017-18. 1cr. ??
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Tax audit
Replies (15)
yes
because limit of section 44AB is not increased, limit of section 44AD is increased upto Rs2.00 cr.
because limit of section 44AB is not increased, limit of section 44AD is increased upto Rs2.00 cr.
As per section 44AB of IT act, when turnover of business exceeds 1Cr, mandatory to audit books of accounts.
What is the status for fy 2017-18 .. as turnover is 1cr or may be less than that.. ll he be required tax audit for fy 2017-18
In that case if the client crossed limit u/s 44AB i.e. Rs. 1cr than he is required to get audited his BOA other he is not in this section.
that means if an assessee has turnover of RS 60lakh then he is not required to do to tax audit
yes, tax audit is not required.
If turnover is less than Rs. 1 crore in previous financial year then no tax audit required but u hv to show minimum profit 8%....or u can file presumptive return simply ITR4
what if the turnover is less than 1cr and the person is showing less than 8% profit? 44AB applicable or not?
If their act requires separate audit report then no need to do tax audit report... Like in company... Company act mandate for audit then no need to do tax audit.... And if profit is less than 8% tax audit required on below turnover also say 1 crore
is that if a firm is required to do audit dis year then he is required to do next year even if he doesn't comes under sec 44ab or ad or any other sections???
Nope.... For tax audit only last year turnover is considered... And it is not mandatory that once tax audit applicable always applicable... Its applicable only on last year turnover.... But firm generally do tax audit otherwise they have to show 8% profit and 30% flat tax rate applicable
What in case of llp?
First year of business, turnover around 45 lacs.
Tax Audit as per income tax..?
Or only llp audit as per mca
First year of business, turnover around 45 lacs.
Tax Audit as per income tax..?
Or only llp audit as per mca
Tax audit is mandatory in case of LLP having annual turnover more than Rs. 40 lakh or capital contribution of Rs. 25 lakhs
Sir
I am having restaurant business. This is 1st year of business. Turnover is Rs.56 lakhs but having loss of Rs.6 lakhs.
Do I need to maintain books of accounts and to get tax audit done for FY 2017-18 (AY 2018-19) as per income tax law?
please advise.
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