Tax audit for procession

138 views
User Avatar

articleship
137 Points Posted on 30 August 2020
My client giving consulting service and not opted for presumptive taxation u/s 44 ADA.

Gross receipt of my client is below 50lacs and declared profit below 20%.

we need to do tax audit as income declared below 50%?
0 Reply Share Follow
On 30 August 2020 at 12:58 Report
Replies (2)
Quick Summary
This discussion clarifies when a tax audit is necessary for consultants providing services who haven't chosen presumptive taxation under Section 44 ADA. Even with gross receipts below £50 lakh and declared profits under 20%, a tax audit may still be required if the declared income falls below 50% of the gross receipts.

User Avatar

Senior auditor
110 Points Posted on 30 August 2020
Yes tax audit will apply
Reply
On 30 August 2020 at 14:57
User Avatar

article
217 Points Posted on 30 August 2020
Yes tax audit will required
Reply
On 30 August 2020 at 15:27

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Partnership tax audit query
  2. ERROR SHOWING PARTNER REMUNERATION ITR 3 TIME OF V
  3. Form 146 foreign remittance us citizen
  4. GST 16(2) notice
  5. Which GSTR-1 upload error do you hit most often?
  6. Need advice regarding accounting fees
  7. Is it possible to get a refund for an accidental o
  8. ITR-3 Section P&L - speculative income - no bo
  9. Foreign Assets reporting
  10. Build corpus in HUF

More recent discussions | Post

Related Topics :

Loading