Dear experts,
one of my client Individual doing manufacturing business filed ITR 3 for AY 17-18 turnover was Rs. 75.72. Now this year AY18-19 his aggregate receipt is 134.42. as per book of accounts his net profit is 8.77%.
is he liable for tax audit u/s 44AB?
or he may file ITR 3 without audit?
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tax audit
Replies (8)
Yes, he is liable for tax audit u/s 44AB; unless he wishes to declare the income u/s. 44AD of IT act.
I think tax audit turnover limit is 2cr.
If opted for sec. 44AD; otherwise u/s. 44AB its 1 Cr for business.
since he is showing more than 8% profit.
is it mandatory for tax audit?
is it mandatory for tax audit?
I repeat............. Yes, he is liable for tax audit u/s 44AB; unless he wishes to declare the income u/s. 44AD of IT act.
limit for tax audit is 1 cr
limit for 44AD is 2 cr
limit for 44AD is 2 cr
@ GST CENTRE.,
If the Assessee will be file u/s 44ad then he can file as per above value of Turn Over & 8 percent profit. Bcoz, Sec 44ad limit is 2cr. So, No need Tax Audit if You will be file sec 44ad...
If can't opt sec 44AD then 44AB is applicable and Tax Audit is mandatory bcoz as per sec 44AB Tax Audit limit is 1cr...
If the Assessee will be file u/s 44ad then he can file as per above value of Turn Over & 8 percent profit. Bcoz, Sec 44ad limit is 2cr. So, No need Tax Audit if You will be file sec 44ad...
If can't opt sec 44AD then 44AB is applicable and Tax Audit is mandatory bcoz as per sec 44AB Tax Audit limit is 1cr...
Thank you for the advice.
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