My turonver is more than 1cr and also I m showing profit lessthan 8 percent..
so in which clause should I file my Tax Audit whether 44B(a) crossing threshold limit or 44Ab(e) showing profit less than 8% ???
Menu
Tax Audit Clause
Replies (3)
If Turn Over exceeding 1cr and You can't opt** sec 44ad then Your account will fall u/s 44ab. You can file Your actual profit if it's less than 8 percent...
See Section 44AB ( a) talks about ,if your gross receipt during the previous year exceeds RS 1 CR then Audit is required .and in second case Section 44AB (e) talks about If income of assessee exceeds the maximum exemption limit and he had opted for the scheme 44AD in any last five years , but dose opt for same current year then audit is required .
As you mentioned Section 44AB(a) & Section 44AB(e)
44AD relating -
a.file presumptive scheme for at least 5 years in continuation.
b. If you decide to show and file profits as per regular business (ITR-3) before the end of these 5 years, you will lose presumptive benefits and disallowed from presumptive taxation for the subsequent 5 years.
a.file presumptive scheme for at least 5 years in continuation.
b. If you decide to show and file profits as per regular business (ITR-3) before the end of these 5 years, you will lose presumptive benefits and disallowed from presumptive taxation for the subsequent 5 years.
Recent Topics :
- Category B/D pop up after the file is e verified
- Section 56(2)(x)(xi) applicability to compensation
- How to claim exempt income u/s 10(26) in ITR-1 of
- 63053900 tax rate
- Clubbing of deceased's income
- Which ITR to use
- Sovereign gold bond capital gain
- In TDS section no column for relationship in itr
- Query related to agricultural income of Trust
- Full & Final Settlement — what changed u
Related Topics :
CAclubindia
