Query :
Sales : 12Lakh
profit : 3000
if I opt ITR-3 then do I need to furnish my tax audit report?
Note: it's a partnership firm.
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TAX audit Limit and conditions
Replies (9)
Quick Summary
No...
But, ITR will be file u/s 44AA...
But, ITR will be file u/s 44AA...
Would I receive the notice ....as I am showing profit below 6%??
Are You filed Your ITR or asking to file...?
Better to ask Your query correctly with details...
Also read my reply as above and check out Your details...
Better to ask Your query correctly with details...
Also read my reply as above and check out Your details...
The ITR is yet to be filed ....I have read you reply correctly but had a doubt... because I got a opinion from a CA friend he said you could have receive the notice if you show your profit below 6% .... whether you are filing your return under any section.....
Well...
As per sec 44AB Tax Audit limit is Rs 1cr. As per Your turn over Tax audit not applicable if You are filing with sec 44AA...
As per Your advice (ask the details correctly from him)
In case You file the return u/s 44AD and You show the profit less than prescribed limit then Tax Audit applicable as per sec 44ad.
Note : Profit Limit of sec 44ad is 6%/8%
As per sec 44AB Tax Audit limit is Rs 1cr. As per Your turn over Tax audit not applicable if You are filing with sec 44AA...
As per Your advice (ask the details correctly from him)
In case You file the return u/s 44AD and You show the profit less than prescribed limit then Tax Audit applicable as per sec 44ad.
Note : Profit Limit of sec 44ad is 6%/8%
As per the Provision of Section 44AB of the Income Tax Act 1961, Income Tax Audit is applicable only when your Turnover in Business exceeds Rs. 1 crore or Gross Receipts in Profession exceeds Rs. 50 lakhs.
Okay thank you both for resolving my query
You're always Welcome Ashutosh Sir...
You are welcome...
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