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.?
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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