APPLICABILITY OF TAX AUDIT FOR A.Y. 2022 - 2023
This query is : Resolved
13 June 2022
Sir/Ma'am,
If the Profit from F & O Business is less than 8% and Income other than F & O Business exceeds Basic Exemption Limit. Is Tax Audit Applicable in this case? Please Guide.
If the Profit from F & O Business is less than 8% and Income other than F & O Business exceeds Basic Exemption Limit. Is Tax Audit Applicable in this case? Please Guide.
13 June 2022
Audit is applicable as you are not declaring prescribed income u/s 44AD. However as your complete transactions are in form other than cash, you can declare 6% income.
16 June 2022
What is the turnover? Whether sec. 44AD applied in any preceding year/s?
16 June 2022
Turnover is more than 2 crore and 44AD was not applied in any previous year.
16 June 2022
If total cash transaction are below 5%, Tax audit limit is 10 crs. No audit applicable in this case. File ITR 3 with books of accounts maintained.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- GST on export of services and Input Credit
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- GST ON EXPORT COMMISSION
- Import license renewal
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
