29 May 2021
Sir In case of Business (For Individual) Turnover Below 1 Cr and Net Profit below 6%. Whether Tax audit required in Current year. 1. First Year(New Business) 2.In case old business where return of PY filled as Regular showing profit more than 8% (but not opted 44AD) 3. In case Opted 44AD in PY. Thanks
31 May 2021
Sir As per Relevant Clause (e) of 3CD(Tax Audit Report) U/S 44AB audit for 44AD opting clients will be done Only if : Case falls 44AD(4) and income exceeds basic exemption limit And In any clause 8 of tax audit It is not mentioned that audit required If Profits u/s 44AD claimed to be lower than the presumptive profits and gains.[As for 44ADA it is mentioned in 44AB (d)] I request you to share the section and sub section under which audit is required ALONG with relevant clause to be selected in case of Clause 8 of Tax Audit Report - If Profits u/s 44AD claimed to be lower than the presumptive profits and gains in case of new business never opted 44AD before(For Individual Sales less than 1 CR.)
CAclubindia
