dear sir or madam
Last year I had filed ITR under 44ad for turnover ₹70lakhs.
This year my turnover is 1.50cr .
whether tax audit applicable or I can continue 44AD?
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Tax audit or 44ad
Replies (10)
Quick Summary
Yes... You can continue with 44ad.
Limit for opting 44AD is Rs. 2 crores and you can continue to opt if turnover is 1.5 as said by RAJA PM
I have one doubt... turnover limit of 1cr for tax audit for whom it's applicable??
Total sales, turnover or gross receipts exceed Rs.1 crore in the FY If cash transactions are up to 5% of total gross receipts and payments, the threshold limit of turnover for tax audit is increased to Rs.10 crores (w.e.f. FY 2020-21)
| Originally posted by : Joshua Dsouza | ||
 |
I have one doubt... turnover limit of 1cr for tax audit for whom it's applicable?? |  |
For Your this question...
It's applicable to who can't opt sec 44ad. Means, Who is file his return with sec 44AA. Then the Tax Audit limit is 1cr.
For audit limit is 1 crore but in case assessee opt for presumptive taxation u/s44AD then limit ,was 2 crores and from the financial year 24-25, it is increased to 3 crores
If the total sales, turnover, or gross receipts surpass Rs. 1 crore in the financial year, and cash transactions constitute up to 5% of the total gross receipts and payments, the turnover threshold for a tax audit is elevated to Rs. 10 crores (effective from the financial year 2020-21).
| Originally posted by : Alliance Tax Experts | ||
|
If the total sales, turnover, or gross receipts surpass Rs. 1 crore in the financial year, and cash transactions constitute up to 5% of the total gross receipts and payments, the turnover threshold for a tax audit is elevated to Rs. 10 crores (effective from the financial year 2020-21). | |
Okay...
What about if cash transactions 5.1%....???
then go with Tax Audit
| Originally posted by : Alliance Tax Experts | ||
|
then go with Tax Audit | |
the limit is...???
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