IF TURNOVER CROSS 1CR AUDIT
This query is : Resolved
17 July 2023
turnover Rs 1.10 cr (without gst) including gst Rs 1.16 cr for ay 2023-24 in previous year continue filing ITR 4 under US 44AD. Should go for audit or continue with 44AD (cash expense more than 5%)
17 July 2023
Continue with presumptive assessment u/s. 44AD, no tax audit liability.
17 July 2023
What is the nature of business entity...??? individual or company
19 July 2023
As ITR for preceding year is filed under sec. 44AD IT act, so the assessee is eligible for the presumptive assessment. It would be always preferable to continue the trend for at least next five years.
19 July 2023
Thanks a lot for ALWAYS PROMPT REPLY! SIR
19 July 2023
You are welcome.
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
- SEC 54 OF IT ACT
- Is Aadhar PAN linking required for opening bank account?
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Form 26QB for TDS on property
- Where to show the RCM on Rent paid to unregistered landlord
- RCM - commercial rent paid to URP under GST
- Whether still royalty
- Residential status for filling income tax returns in India
- GST Annual Returns filing due date
- Payable outstanding for years disallowance
- 2B certain data not come 3B & IMS
- Strategic Performance Management and Business Valuation
- PAYMENT NOT SEND IN 180 DAYS
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- 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
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
