My turnover for FY 17-18 is 9500000 . My net profit is 480000 and I have Not opted 44AD . Have i liable to TAX AUDIT ???
Menu
Tax audit
Replies (2)
Yes u r liable for Tax audit as ur income is below 8%
it is based on your previous year IT Return..
if u filed ITR4 last year and offered your profit under Presumptive Taxation u/s 44AD then your are liable for tax audit.. other wise no tax audit(means you have filed ITR 3 last year).
if u offer 4.8lac profit, you have to file ITR-3 current year..
Tax audit applicable only if Business Turnover exceeds 1 Crore rupees..
if u filed ITR4 last year and offered your profit under Presumptive Taxation u/s 44AD then your are liable for tax audit.. other wise no tax audit(means you have filed ITR 3 last year).
if u offer 4.8lac profit, you have to file ITR-3 current year..
Tax audit applicable only if Business Turnover exceeds 1 Crore rupees..
Recent Topics :
- FAI & FAST-DS 2026 query
- Is GST registration mandatory in this case
- Buying a residential flat in Goa: should my wife b
- Income tax filling
- Applicability of RCM in the case of import of serv
- Confusion in gst registration for service category
- Itc claimed from return defaulters
- Gst input credit
- CAN PARTNERSHIP FIRM SIGN SERVICE AGGREMENT WITH A
- E-waybill
Related Topics :
CAclubindia
