First Year Turnover: 3 Crore, Tax audit done
Suppose, In 2nd Year Turnover: 1 Crore
For 2nd Year: Tax Audit Applicable?
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Tax Audit Applicability Proprietorship
Replies (10)
Quick Summary
Not applicable for the 2nd year
Ok, But we opt for Presumptive Scheme 44AD & it should be continued for 5 Years.
In between any of the 5 Years, Turnover crossed more than 2 Crore.
Again we cannot opt for Presumptive scheme 44AD right
In between any of the 5 Years, Turnover crossed more than 2 Crore.
Again we cannot opt for Presumptive scheme 44AD right
No, in cases where the turnover has crossed the threshold, the assessee is not eligible for 44AD. In other words, the assessee here has not opted out but is ineligible. So I think you can opt for 44AD again.
No for 2nd year tax audit is not applicable
The following sections are applicable:
1. 44AD
2. 44ADA
1. 44AD
2. 44ADA
If you're referring 44AD then tax audit is not applicable
Wrong interpretation.
What???
Applicability of tax audit
1..I would suggest you to read provisions of Sec 44AD AND SEC 44ADA
1..I would suggest you to read provisions of Sec 44AD AND SEC 44ADA
Agree with poornima ji
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