TAX AUDIT APPLICABILITY

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B.Com
24 Points Posted on 30 December 2020

I have Transport business and I have less than 10 lorries. I'm maintaining books and I want to file ITR 3 and my profit is less than preemptive limit i.e. 1000 per ton per month.

Is tax audit u/s 44AB applicable to me? 

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On 30 December 2020 at 00:11 Report
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This discussion clarifies whether a transport business owner with fewer than 10 lorries, maintaining books and filing ITR 3, is subject to a tax audit under Section 44AB. The consensus is that if the declared profit is less than the presumptive limit specified in Section 44AE, a tax audit is indeed required.

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524 Points Posted on 30 December 2020
Yes as per section 44AE(7) the assessee is liable for tax audit u/s 44ab if he claims lower income than that mantioned in section 44AE
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On 30 December 2020 at 09:07
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STUDENT
1631 Points Posted on 30 December 2020
Less than BEL , no need to file !
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On 30 December 2020 at 09:36
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Accountant
4533 Points Posted on 31 December 2020
Yes audit required
1 Reply
On 31 December 2020 at 00:58

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