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Tax audit for business

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articleship
137 Points Posted on 30 August 2020
My client is carrying out business and not opted for presumptive taxation u/s 44AD. carrying out normal business.

Turnover of my client is below 1 crore and declared profit below 8%.

we need to do tax audit as income declared below 8%?
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On 30 August 2020 at 13:00 Report
Replies (8)
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588 Points Posted on 30 August 2020
Yes. Tax audit required.
2 Reply
On 30 August 2020 at 13:20
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Senior auditor
110 Points Posted on 30 August 2020
Tax audit is not required
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On 30 August 2020 at 14:48
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217 Points Posted on 30 August 2020
Tax audit is required
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On 30 August 2020 at 15:26
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articleship
137 Points Posted on 30 August 2020
Can you give reference of sec?
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On 30 August 2020 at 17:15
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Senior auditor
110 Points Posted on 30 August 2020
This is the interpretation of section 44AB read with section 44AD
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On 30 August 2020 at 19:08
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132 Points Posted on 30 August 2020
No, tax audit is not required but if u are covered by 44AD(4), and NTI>Basic exemption then yes audit is compulsory.
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On 30 August 2020 at 23:58
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articleship
137 Points Posted on 31 August 2020
As per my reading and interpretation of sec 44ab is that if we opt presumptive tax i.e 44AD and opted out within 5 yrs in any financial year than we need to do tax audit if NTI>basic exemption.

Correct me if am wrong.
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On 31 August 2020 at 00:50
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132 Points Posted on 31 August 2020
Yes that's what i was trying to tell you in my above reply, Actually 44AD(4) talks about opting out of presumptive taxation within 5 years

So as per me you are right in above reply

So glad I could help you.
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On 31 August 2020 at 01:01


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