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TAX AUDIT - F.Y 2016-17
A person who is a profession is having a turnover of Rs. 26 lakhs for the F.Y 2016-17 and showing the profit of Rs.4lakhs..and he is not opting for sec.44ADA.. whether will he covering under tax audit for the f.y 2016-17??
Replies (6)
yes if the person is aged below 80 years. in that case you are showingess than presumptive income and 4L income is greater than max exempt from tax (2.5L or 3L for SenCit).
you can refer 44AB(d)
sir, here he is not opting 44ADA...when he opt for that section only we can say it is less than presuptive income..whether is it mandatory to compare the normal income with the income under sec 44ADA..???
it's not a matter of opting, the word used is deemed (considered is the closest definition). if we interpret it as opted there will be no point of having 44AB(d)
if exceeds 25 lakhs in professional reciepts
| Originally posted by : neeraj gupta | ||
 |
yes if the person is aged below 80 years. in that case you are showingess than presumptive income and 4L income is greater than max exempt from tax (2.5L or 3L for SenCit). |  |
Agree
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