TAX Audit Requirement

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SELF EMPLYOED
211 Points Posted on 09 January 2021
Type - Private limited company
Turnover - 35 Lakhs
Net Profit - 1.2 Lakhs

required tax audit...?
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On 09 January 2021 at 16:22 Report
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This discussion clarifies whether a private limited company with a turnover of £35 Lakhs and a net profit of £1.2 Lakhs requires a tax audit. The consensus is no, as the turnover does not exceed the £1 Crore threshold stipulated by Section 44AB. It's also clarified that Section 44AD, concerning lower profit margins, applies to individuals, HUFs, and partnership firms, not LLPs or companies.

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Practice
3235 Points Posted on 09 January 2021
No as turnover does not cross the limit of Rs 1crore required by 44AB
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On 09 January 2021 at 17:15
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SELF EMPLYOED
211 Points Posted on 09 January 2021
What about lower than 8% profit
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On 09 January 2021 at 17:17
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Practice
3235 Points Posted on 09 January 2021
That is written in section 44AD which is applicable on individual HUF and Partnership Firm not to LLP or Company..
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On 09 January 2021 at 17:19
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SELF EMPLYOED
211 Points Posted on 09 January 2021
Okay...
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On 09 January 2021 at 17:30

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