Sir,
If any person had turnover of Rs. 1.5 crore and profit percentage is 1.5% which is Rs. 2,25,000. Is he required to do tax audit under section 44AB.?
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TAX AUDIT WITH INCOME BELOW TAXABLE LIMIT
Replies (8)
Quick Summary
What are the percetage of cash expenditure and receipts of the total expd. & receipts, respectively??
Sir, It is for Lottary business so maximum sales are in cash.
In that case tax audit u/s. 44AB(a) of the act, will be applicable...
Ok sir Thanks for giving advice.
Most welcome ...
Sir if I file tax audit and file upadated income tax return now late fee on tax audit which is 0.5% on sales will attract. Is there any possibility to skip this late fee on ground of health issue or unawareness.
No penalty shall be imposed u/s 271 B,if assessee proves that there was reasonable cause for such failure.
[Section 273B] Reasonable Causes
a. Resignation of tax auditor and consequent delay;
b. Bona fide interpretation of the ‘turnover‘ based on expert advice;
c. Death or physical inability of the partner in charge of the account
d. Labor problems such as strike, lock-out for a long period, etc;
e. Loss of accounts because of fire, theft, etc., beyond the control of the assessee;
f. Non-availability of accounts on account of seizure;
g. Natural calamities, commotion, etc.
Second alternative would be to file updated return u/s. 44AD of the act..
Thirdly, if only commission is taken as turnover... turnover would be much less for tax audit liability...
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