44-AD & Tax Audit : Ay : 20-21 Year ending March 20
This query is : Resolved
23 October 2020
Respected Sir,
Kindest regards to you.
Please guide me and oblige.
Total Sales Rs 1,14,62,383
6% Net Profit will arrive as at Rs 687,643 under section 44-AD
Tax Liability will arrive as at Rs 52 Thousand approximately
As a matter of fact maximum profit will remain in between 3% to 4% and in such case if we choose tax audit for the assessment year 20-21 year ending March 20
whether we will have to remain in tax audit category for all the coming 5 years
whether for all the coming 5 we wont be able to come back again in 44-AD category
Kindest regards to you.
Please guide me and oblige.
Total Sales Rs 1,14,62,383
6% Net Profit will arrive as at Rs 687,643 under section 44-AD
Tax Liability will arrive as at Rs 52 Thousand approximately
As a matter of fact maximum profit will remain in between 3% to 4% and in such case if we choose tax audit for the assessment year 20-21 year ending March 20
whether we will have to remain in tax audit category for all the coming 5 years
whether for all the coming 5 we wont be able to come back again in 44-AD category
24 October 2020
Suppose for example, if u select 44AD this year and next year if u select as an under audit category, then afterwards for 5 yrs u will not be eligible for 44AD category. Once u select 44AD category u have to remain there for 5 yrs or else u will be disqualified to take benefit of 44AD for next 5yrs.
31 October 2021
Yes, in that case for all the next five years you will remain in tax audit limit.
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