Urgent- Tax Audit or Not?

Manav Soneji

other

343 Points Posted on 21 September 2019

Not applicable for LLP ...

Kapadia Pravin

17264 Points Posted on 21 September 2019

@ Atul
For tax audit eligibility Turnover or Gross Receipts is decoding factor.

What is Total Gross Receipts from Professional Services ?
What is Total sales from Software ?

If total of both exceed then TaxAudit is required. under section 44AB

S ELAVARASI

ACCOUNTANT

2975 Points Posted on 21 September 2019

Originally posted by : Atul M
	Dear Expert,An LLP (Service Provider)having an income of Rs 65 lakh during the FY 2018-19. Break up 10lakh from professional service and balance amount of Rs 55 lakh from sale of software.Previous year income as follows (F.Y 17-18 income 9.89 lakh, F.Y 2016-17 income-34.86lakh) kindly confirm is Tax Audit applicable for F Y 2018-19?Thanks in Advance.

Tax Audit not applicable as per sec 44AB of IT act...

Atul M

aaa

729 Points Posted on 21 September 2019

Dear Sir,
The gross receipt has already disclosed above .

RAJA P M

"Do the Right Thing...!!!"

128152 Points Posted on 21 September 2019

As per the query.,
Tax Audit not applicable...

Atul M

aaa

729 Points Posted on 21 September 2019

@ Kapadia Pravin

Dear Sir,
including both 65 Lakh during the f.y 2018-19.

Sales of Service -10 Lakh
Sale of Software(Trading ) -55 lakh

RAJA P M

"Do the Right Thing...!!!"

128152 Points Posted on 21 September 2019

@ Mr Atul M.,

As per sec 44AB :
Professional income exceeding Rs 50lakhs then tax audit applicable. In your it's only Rs 10lakhs

Business income exceeding Rs 1cr then Tax audit applicable. in Your case it's only Rs 55.lakhs.