Tax audit -- 44AB
This query is : Open
09 August 2022
for the past three years i was getting the tax audit done -- 44AB and filing the ITR from my CA
though not mandatory/applicabe as per law -- this year also i have income from share market transactions
(cash and F & O) and other income like interest/dividends/professional (lawyer ) etc
can i discontinue the tax audit and file my ITR in the normal manner. thanks
of course the late filing will be attracted. PLS guide
though not mandatory/applicabe as per law -- this year also i have income from share market transactions
(cash and F & O) and other income like interest/dividends/professional (lawyer ) etc
can i discontinue the tax audit and file my ITR in the normal manner. thanks
of course the late filing will be attracted. PLS guide
09 August 2022
It needs to be checked if you can file return without applicability of Tax audit. It may be possible that the auditor may be filing return u/s. 44AB(e) of the act, which mandates to audit the books for at least five years. So, verify the details from an expert.
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09 August 2022
thanks sir - You are an expert sir - any method of finding 44AB (e) details from the ITR
or form 3cd etc
or form 3cd etc
09 August 2022
FORM NO. 3CD
PART - A
………………….
8. Indicate the relevant clause of section 44AB under which the audit has been conducted ………..…
PART - A
………………….
8. Indicate the relevant clause of section 44AB under which the audit has been conducted ………..…
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09 August 2022
thanks sir -- its mentioned 44AB (a) - that means i can avoid the tax audit but
late filing will be there -- thanks again sir
late filing will be there -- thanks again sir
09 August 2022
You need to check earlier 4 years also. There might be 44AB(e) for any of the earlier years, when it may not have been applicable in preceding AY 2021-22.
09 August 2022
thanks sir -- checked all three previous years -- all are 44AB (a)
that means no audit this year -- thanks a lot sir
that means no audit this year -- thanks a lot sir
10 August 2022
What is your turnover in F&O segment?
How can you ascertain no tax audit applicability this year?
How can you ascertain no tax audit applicability this year?
10 August 2022
thanks sir -- the F & O and cash turnover was never above 3 cr and now the
limit is 10 cr and above as informed - thanks sir for your fantastic guidance.
limit is 10 cr and above as informed - thanks sir for your fantastic guidance.
10 August 2022
Check also if any loss to be carried forward.
10 August 2022
You need to pay tax on 6 % of 3 crore i.e on 18,00,000 and tax amount will be around 370000/-. If your F & O turnover is less than 1800000 then tax audit will be applicable on you.
10 August 2022
dhiraj sir -- current year no loss to be C/F but previous year there are losses to be c/f
rashmi mam -- i am not/or opted in the presumptive section -- then why 6% -- in the previous
tax audit any profit/loss was adjusted or c/f as per actual --
thanks to both
rashmi mam -- i am not/or opted in the presumptive section -- then why 6% -- in the previous
tax audit any profit/loss was adjusted or c/f as per actual --
thanks to both
10 August 2022
My reply is missing???
10 August 2022
You CA was conducting audit because you have incurred losses while income tax provision ask for 6% profits compulsorily u/s 44AB if you didn't opt for audit.
Here also audit is required if you declare profit less than 6%
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