An aquaculture business had 1.95cr turnover during the financial year 2019-20. And profitability ratio is below 5%. Does it requires tax audit?
2 Replies
Harsh Arora
(CA Finalist )
(1161 Points)
Replied 29 December 2020
Option 1 : file return u/s 44AB I. e tax audit since turnover exceeds 1 cr.
option 2: file return u/s 44AD (if individual or firm) since turnover does not exceed 2cr. and declare profit atleast 6%/8% as the case may be.
option 2: file return u/s 44AD (if individual or firm) since turnover does not exceed 2cr. and declare profit atleast 6%/8% as the case may be.
ayusmita
(Tax consultant)
(5885 Points)
Replied 29 December 2020
Tax audit as per your saying profitability ratio is below 5%
Recent Topics
- Query regarding place of business in GST registrat
- GST ON PLOT SALE
- TDS return submitted, but neither rejected nor acc
- Trade payables
- NSDL DEMAT-annual custody fees
- Claiming Rent Expenses Invoiced Late Due to Vendor
- Discount and Outward freight on Sale GST RCM
- Income from debt mutual funds in ITR4
- Gold ETF STCG and LTCG
- Property capital gain, Bought in 2002 and sold in
Related Threads
Trending Online Classes
-
GST LIVE Certification Course - 42nd Weekend Batch(With Govt Certificate)
Industry Expert17 May 2025
CAclubindia
