44 AB Audit
This query is : Resolved
30 March 2020
I have a small business. Turnover is 15 lacs. Net profit is less than 8% and below basic exemption limit. I don't want to disclose income as per section 44AD. I have no other income.
It says in the section that in case of an individual, 44AB is applicable if total taxable income is above the basic exemption limit. However, my teachers are of the opinion that i need to get the books audited.
I'm i required to get the books audited???
Please drop a reply
It says in the section that in case of an individual, 44AB is applicable if total taxable income is above the basic exemption limit. However, my teachers are of the opinion that i need to get the books audited.
I'm i required to get the books audited???
Please drop a reply
30 March 2020
Not required as your income is below basic exemption.
30 March 2020
No, tax audit wont be applicable.
30 March 2020
ok..thanks for the replies.
But, suppose my turnover was, say 80 lacs and the business is on loss. So, obviously, since it is a loss, the total taxable income is below the exemption limit. So, in that case too, i need not give my books for tax audit? Please give a reply for this too..
But, suppose my turnover was, say 80 lacs and the business is on loss. So, obviously, since it is a loss, the total taxable income is below the exemption limit. So, in that case too, i need not give my books for tax audit? Please give a reply for this too..
30 March 2020
No tax audit will be applicable.
31 March 2020
Tax Audit wont be applicable in either case. Though books have to be maintained compulsorily.
31 March 2020
in first scenario no need for audit
but in second audit is required
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31 March 2020
Sorry not required in both cases.
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