Tax Audit Applicability..?

Business: Rs. 1 Crore.

It means an assessee need to be audited under Sec 44AB if his annual gross turnover/receipts in business exceeds Rs. 1 Crore. This provision is applicable from F.Y. 2016-17 (A.Y. 2017-18)

Profession: Rs. 50 Lakh.

It means an assessee need to be audited under Sec 44AB if his annual gross receipts in profession exceeds Rs. 50 Lakh. This provision is applicable from F.Y. 2016-17 (A.Y. 2017-18)

Depends upon Nature of Receipt 50/100 Lakh.

But as you said your income is 2.08 Crore. It means you are liable for Tax Audit.

I am talking about FY: 2017-18 (AY: 2018-19)  My quer is not related to FY: 2016-17 (AY: 2017-18).

I am talking about FY: 2017-18 (AY: 2018-19)  My query is not related to FY: 2016-17 (AY: 2017-18).

Originally posted by : Jagadish T G
	I am talking about FY: 2017-18 (AY: 2018-19)  My query is not related to FY: 2016-17 (AY: 2017-18).

FY 2016-17 Onwards

Originally posted by : Rahul Prajapati
	Business: Rs. 1 Crore. It means an assessee need to be audited under Sec 44AB if his annual gross turnover/receipts in business exceeds Rs. 1 Crore. This provision is applicable from F.Y. 2016-17 (A.Y. 2017-18) Profession: Rs. 50 Lakh. It means an assessee need to be audited under Sec 44AB if his annual gross receipts in profession exceeds Rs. 50 Lakh. This provision is applicable from F.Y. 2016-17 (A.Y. 2017-18)

I have use the word From F.Y. 2016-17

I think that the Tax Audit limit from FY: 2017-18 is Rs.2 Crores.

Originally posted by : Jagadish T G
	I think that the Tax Audit limit from FY: 2017-18 is Rs.2 Crores.

Sorry For Above

Tax Audit Limit AY 2018-19 & FY 17-18

Above limits are for Presumptive income.( In my first Comment )

AGREED WITH MR. RAHUL PRAJAPATI 

Tax Audit Limit :

For business:

U/s 44AA - Rs. 1Cr

In case Opt U/s 44AD - Rs. 2cr

For Professionals : Rs. 50 Lakhs....

Originally posted by : Jagadish T G
	Dear Professionals,One of my client Received ₹2.08 Cr in FY:2017-18 (From USA)Invoice Issued only for ₹1.95 CrBalance Invoices raised in FY:2018-19for ₹0.13 Crs.₹0.13 Crs shown as advance received from Customer in B/S as on 31/03/18.Now my query is Tax Audit Applicable in this case..?

What is Your nature Income...?

The income is from Business or Profession...?

What is Tax Audit ?

A Tax Audit is an audit, made compulsory by the Income Tax Act, if the annual gross turnover/receipts of the assessee exceed the specified limit. Tax audit is conducted in Sec 44AB of the Income Tax Act by a Chartered Accountant. Simply Tax Audit means, an audit of matters related to tax.

Limits of Tax Audit (Sec44AB) under Income Tax Act

According to Section 44AB of the Income Tax Act 1961 (updated upto 2017) the Tax Audit limit for

Business :

Rs. 1 Crore. It means an assessee need to be audited under Sec.44AB if his annual gross turnover/receipts in business exceeds Rs. 1 Crore. This provision is applicable from F.Y. 2016-17 (A.Y. 2017-18) & onwards. It means the limit of Tax Audit u/s 44AB is Rs. 1 Cr. for Business in FY 2017-18 / AY 2018-19.

Profession :

Rs. 50 Lakh. It means an assessee need to be audited under Sec 44AB if his annual gross receipts in profession exceeds Rs. 50 Lakh. This provision is applicable from F.Y. 2016-17 (A.Y. 2017-18) & onwards. It means the limit of Tax Audit u/s 44AB is Rs. 50 Lakh for Profession in FY 2017-18 / AY 2018-19.


What is Presumptive Taxation Scheme (Sec 44AD) ?

Sec 44AD provides special provision for computing profits and gains of business on presumptive basis. You need not to maintain proper accounting. Your net income is estimated to be @ 8% of your gross receipt/turnover. From F.Y. 2016-17, net income is calculated as @ 6% of gross receipts are received through digital mode of payments and @ 8% of gross receipts are received in cash.

Businesses, whose annual gross turnover/receipt does not exceeds Rs. 2 Crore are eligible for this scheme.

You may go to the official website of Income Tax Department to read in details about Sec 44AD
 

Originally posted by : Jagadish T G
	Dear Professionals,One of my client Received ₹2.08 Cr in FY:2017-18 (From USA)Invoice Issued only for ₹1.95 CrBalance Invoices raised in FY:2018-19for ₹0.13 Crs.₹0.13 Crs shown as advance received from Customer in B/S as on 31/03/18.Now my query is Tax Audit Applicable in this case..?

As per Your Query Your Income Rs. 1.95 Cr...

Balance Rs. 0.13 Cr income  will be calculated in FY 218-19

I have mistakenly left the hsn summary table blank in gstr 1. The return was accepted by the system. What will be the consequences? Will the department allow us to rectify the defect? my turnover is 2.5 cr

 

Originally posted by : Hrishe Hrishe
	I have mistakenly left the hsn summary table blank in gstr 1. The return was accepted by the system. What will be the consequences? Will the department allow us to rectify the defect? my turnover is 2.5 cr

yes , system is accept the gstr 1 without hsn summary but it is mandatory to provide hsn details if t/o exceeds 1.5 cr 

and consequences will be penalty as the case may be .