Tax audit
FAHEEM AKRAM (293 Points)
19 July 2018
when tax audit compulsory ?? if my turnover is less than 1 crore ???
Anjali P Nair
(ACA,ACMA)
(582 Points)
Replied 20 July 2018
Tax audit is applicable if u r profit is less than 8% of u r gross receipts under section 44 AD if u gross receipt is lower than 2 Crore.
6% is applicable only in case of digital transactions throuh cheque/DD/Debit card/Credit card/NEFT/RTGS etc.
FAHEEM AKRAM
(293 Points)
Replied 20 July 2018
Anjali P Nair
(ACA,ACMA)
(582 Points)
Replied 20 July 2018
No sir if u r filing ITR 3 by declaring less than 8% of gross receipts then tax audit under section 44 AB will be applicable for u.
u can show less than 8% of u r gross receipts
FAHEEM AKRAM
(293 Points)
Replied 20 July 2018
Anjali P Nair
(ACA,ACMA)
(582 Points)
Replied 20 July 2018
If u r filing ITR 3 by declaring less than 8% of gross receipts Tax audit is compulsory.
CAclubindia
