Tax Audit for the a.y 17.-18

Page no : 4

jitin (founder) (49 Points)
Replied 12 April 2018

I think as per the new rules tax audit is not required EVEN IF your profit is less than 8% of turnover as long as the turnover does not exceed 2 crores, even if your income is in taxable region. The only way in which audit would be required in such a case would be if you opted for section 44AD in a previous year. Please read the sections again where you can verify the same. There are also a lot of articles online discussing this.

Pawan Sehrawat (Partner) (91 Points)
Replied 12 June 2018

https://www.google.co.in/url?sa=t&source=web&rct=j&url=https://www.incometaxindia.gov.in/tutorials/13.%2520tax%2520on%2520presumptive%2520basis%2520in%2520case%2520of%2520certain%2520eligible%2520businesses.pdf&ved=2ahUKEwj_ioDQo83bAhVGMI8KHY-cAiUQFjAAegQIBxAB&usg=AOvVaw1Xo-oox0UPxWGLV5mMwE1M

vijaybabu (B.Com) (48 Points)
Replied 28 February 2019

I am a Individual Assessee. My Business Turnover FY 17-18 Gross Receipts : 1,01,58,094/- Net Profit : 20,61,716/-. I Filed Normal Return FY 17-18. But now Notice Received U/s 44AB Audit Report to be Filed & Books of Accounts to be Audited. Now What can i do Guide to me?

Sudiesh (Audit Assistant) (527 Points)
Replied 28 February 2019

I think you filed return as per your Profit & loss A/c. Since your turnover is above 1 crore rupees you have to opt for 44AD presumptive taxation or you have to get your accounts audited.

In your current situation i suggest you to file return u/s 139(9) by choosing 44AD presumptive profit and declare your Actual profit (20,61,716/-).