Tax audit under section 44AD

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Student CA IPC / IPCC
27 Points Joined August 2015
Whether tax audit is required if gross receipt is less than 1 cr and net profit is less than 8% for FY 2018-19..?
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On 03 July 2019 at 15:57 Report
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35 Points Joined April 2019
income tax audit for 44AD limit is 2cr.( turnover limit )
hence no requirement of tax audit
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On 03 July 2019 at 17:43
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ARTICLED ASSISTANT
87 Points Joined June 2013
no requirement.of tax audit if the income doesn't cross basic exemption limit. if it crosses then even if your turnover is less than the threshold limit , you have to get books audited.
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On 03 July 2019 at 18:50
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"Do the Right Thing...!!!"
128116 Points Joined January 2015
Yes... Audit is applicable if Assessee will be file u/s 44AD with lower profit as per sec...
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On 03 July 2019 at 19:04
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Student
3986 Points Joined July 2018

1. According to sec 44AD, audit needs to be carried out if the Gross receipts or T.O during the year exceeds Rs. 1 crore. However, if a person is carrying on profession the above amount shall be substituted for Rs. 50 lakhs. 
Please correct me if the above solution has an alternative view. 

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On 03 July 2019 at 21:58
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Ca final
1767 Points Joined July 2014

Audit is mandatory,if income exceeds Basic exemption limit.

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On 04 July 2019 at 09:10
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128116 Points Joined January 2015

Dear Friends...

Please note the Query Head with Query...

If Assessee filed u/s 44AD with less than profit limit then Audit is applicable in the Case...

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On 04 July 2019 at 10:31
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Student CA IPC / IPCC
27 Points Joined August 2015
sorry for being incorrect... query head is tax audit under section 44AB not 44AD..
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On 04 July 2019 at 10:36
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128116 Points Joined January 2015
Originally posted by : shubhi srivastava
sorry for being incorrect... query head is tax audit under section 44AB not 44AD..

WELL...

If 44AB then tax audit not applicable if Turn Over less than 1cr...

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On 04 July 2019 at 10:46
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Student CA IPC / IPCC
27 Points Joined August 2015
what if profit is also less than 8%..??
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On 04 July 2019 at 10:56
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128116 Points Joined January 2015
Originally posted by : shubhi srivastava
what if profit is also less than 8%..??

NO PROBLEM...

 

BUT.,

CONDITIONS BASED ON 44AB & 44AD...

IF 44AD THEN IT'S WITHOUT*** BOOKS OF ACCOUNTS.

IF 44AB THEN ITS THROUGH 44AA WITH BOOKS OF ACCOUNTS...

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On 04 July 2019 at 13:01
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ARTICLED ASSISTANT
87 Points Joined June 2013
but audit is must.
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On 04 July 2019 at 18:11
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128116 Points Joined January 2015
(but audit is must....)

Why audit is must...?
which condition audit applicable in the above said query...?
Can You elaborate with details...?
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On 04 July 2019 at 18:38
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Student CA Final
377 Points Joined November 2014

Kindly refer sec 44 AB (e).

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On 06 July 2019 at 08:52


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