Tax Audit for the a.y 17.-18

Dear Sir

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

Please guide 

Dear Sir

How i cancell my GST NUMBER

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

detail please send me langaugage in gujrarati and hindi

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%

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%

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

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

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?

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.

sudiesh bhai 44ab ko dobara padh lo

Originally posted by : priyam uapdhyay(ca final)
	sudiesh bhai 44ab ko dobara padh lo

Sorry, I didn't get you please be in english