Tax audit applicable f.y.22-23

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B.com
3025 Points Posted on 21 April 2023
A person trade business turnover rs:1.75 crores and profit rs:20 lacs f.y.22-23.
question:
assessess tax audit applicable f.y.22-23
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On 21 April 2023 at 22:29 Report
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Quick Summary
For the financial year 2022-23, a business with a turnover of ₹1.75 crores and a profit of ₹20 lacs needs to consider tax audit applicability. Generally, if your income isn't declared under presumptive assessment and cash transactions exceed 5% of total receipts or payments, a tax audit under Section 44AB of the Income Tax Act may be mandatory.

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Chartered Accountant
973 Points Posted on 22 April 2023
Not applicable, just file ITR-4 declaring profit of 20L.
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On 22 April 2023 at 01:12
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SEO Sai Gr. Hosp.
212455 Points Posted on 22 April 2023

If cash transactions (receipt as well as payments) are above 5%, and also if income not declared under presumptive assessment, then tax audit u/s. 44AB IT act, mandatory.

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On 22 April 2023 at 09:17

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