Please clarify below my query Financial year Return Filed under 2017-18 44AD- presumptive Scheme 2018-19 44AD- presumptive Scheme 2019-20 44AD- presumptive Scheme 2020-21 Audit -44AB(e)- 44AD(4)-As business Loss, turnover is approx 32 lakh 2021-22 Audit -44AB(e)- 44AD(4)-As business income is less than 8% , Turnover is approx 67 lakh 2022-23 Turnover is approx 51 lakh and profit is more than 8%
kindly solve above query shall i carry tax audit even though profit is more than 8% and turnover is less than 1 cr. for the Fy 22-23 under which section shall audit applicable
17 July 2023
entity is partnership firm and closed the business in current year i.e Fy 23-24 in that case what will do shold do tax audit as per 44ad if once you opt out from 44ad you need to carry Tax audit for 5 years right in between 5 year firm closed the business only rental income which is not core activity
17 July 2023
You need to file financial details in ITR till the closing date of the firm. If the TO is 51 lakhs in the said period with more than 8% profit, tax liability under said section does arise. No excuse even if it is last but one year.
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