Tax Audit for the a.y 17.-18

Page no : 3

Amandeep Singh (Private Job) (431 Points)
Replied 08 September 2017

Dear Sir

my annuall turn over 45 Lacs, i got 5.59 Lacs profit so can i need to do Tax audit

Please guide

Amandeep Singh (Private Job) (431 Points)
Replied 08 September 2017

Dear Sir

How i cancell my GST NUMBER

neeraj gupta (1138 Points)
Replied 08 September 2017

Hi Amandeep since your profit is 12.5% turnover, by virtue of being greater than 8%, you don't need to have tax audit. I am assuming you have business and not profession. just file itr4.

shah (dfadfad) (2 Points)
Replied 20 September 2017

prsumitive income scheme means and audit types to 44ab and 44ada for business and professional

detail please send me langaugage in gujrarati and hindi

CA Vipin Chaudhary (Chartered Accountant) (24 Points)
Replied 02 October 2017

Audt u/s 44AB is applicable on you as your income is less than 8% and your turnover exceed 1cr.

Loss means income less than 8%

CA Vipin Chaudhary (Chartered Accountant) (24 Points)
Replied 02 October 2017

Audt u/s 44AB is applicable on you as your income is less than 8% and your turnover exceed 1cr.

Loss means income less than 8%

Ashish (Owner) (24 Points)
Replied 24 October 2017

Yes, if the Net profit is less then 8% tax audit is compulsory....

Ashish (Owner) (24 Points)
Replied 24 October 2017

Yes, if the Net profit is less then 8% tax audit is compulsory....

Sudiesh (Audit Assistant) (527 Points)
Replied 24 October 2017

No need to Audit if the turnover is below 1cr and profit is even below 8%

1 Like

CA Rashmi Gandhi (Chartered Accountant) (86220 Points)
Replied 24 October 2017

Its completely wrong sudesh....

If profit is below 8% pf turnover then you have to get accounts audited irrespective of turnover........

kamlesh (Student) (78 Points)
Replied 12 November 2017

can partner get monthly salary?

Sudiesh (Audit Assistant) (527 Points)
Replied 12 November 2017

Originally posted by : CA Rashmi Gandhi
	Its completely wrong sudesh....If profit is below 8% pf turnover then you have to get accounts audited irrespective of turnover........

No Madam,According to my limited knowledge there is no provision of IT Act says that it is necessary to Audit if profit is below 8% for business(44AD Case). But in the case of Profession if your profit is below 50% and income is above taxable limit you have to Audit your accounts.

There is no clause in 44AB to Audit if the profit is below 8% and Turnover below 1 Cr. So which clause of Section 44AB we will select in Form 3CD?

Sudiesh (Audit Assistant) (527 Points)
Replied 12 November 2017

Originally posted by : kamlesh
	can partner get monthly salary?

Yes,

A partner can get Salary in Monthly or Weekly or Yearly as the firm decides.

But the Aggregate yearly amount if exceeds limit prescribed in Section 40b the exceess salary paid will not be allowed as expenditure to firm. So the excess amount will be taxable to Firm.

Please note that only working partners is eligible for salary under income tax Act. If amount paid to partner other than working partner will not be allowed as deduction to Firm.