shubhi srivastava (Student CA IPC / IPCC) (27 Points)
03 July 2019
Manish Rawat
(35 Points)
Replied 03 July 2019
KARTHIK DAMLE
(ARTICLED ASSISTANT)
(87 Points)
Replied 03 July 2019
RAJA P M
("Do the Right Thing...!!!")
(115729 Points)
Replied 03 July 2019
Suresh Thiyagarajan
(Student)
(3981 Points)
Replied 03 July 2019
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.
Dwaipayan Paul
(Ca final)
(1762 Points)
Replied 04 July 2019
Audit is mandatory,if income exceeds Basic exemption limit.
RAJA P M
("Do the Right Thing...!!!")
(115729 Points)
Replied 04 July 2019
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...
shubhi srivastava
(Student CA IPC / IPCC)
(27 Points)
Replied 04 July 2019
RAJA P M
("Do the Right Thing...!!!")
(115729 Points)
Replied 04 July 2019
| 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...
shubhi srivastava
(Student CA IPC / IPCC)
(27 Points)
Replied 04 July 2019
RAJA P M
("Do the Right Thing...!!!")
(115729 Points)
Replied 04 July 2019
| 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...
RAJA P M
("Do the Right Thing...!!!")
(115729 Points)
Replied 04 July 2019
CAclubindia
