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Tax audit
when tax audit compulsory ?? if my turnover is less than 1 crore ???
Replies (7)
If your profit is below 6 % of total turn over.
so tax audit is compulsory ???if profit is below 6%
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.
if we don't file u/s 44AD so also maintain profit 8% will be maintained for filing ITR3?
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
While filing ITR3 ? What will be kept in mind to avoid tax audit?
If u r filing ITR 3 by declaring less than 8% of gross receipts Tax audit is compulsory.
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