Tax audit applicability_FY 2324

This query is : Resolved 

26 July 2024 Dear Experts,

For commission income (business income) of Rs 4,50,000/- , there is business expenditure of around 2.5 lakhs . Hence net business income is around 2L.

Also the total taxable income is 2.90 lakhs under new regime. Will there be any tax audit applicability here in terms of profit % or any other clause?

Please advice

Regards,

26 July 2024 Tax audit not applicable in this case.

26 July 2024 Thanks!

Also liable to maintain books of accounts u/s 44AA?


02 August 2024 No. Not mandatory as per sec. 44AA IT act, assuming the limits not crossed in preceding three years.

02 August 2024 liable to maintain books. And just to clarify, since you are not covered under 44AD, the only conditions for audit applicable for you are the ones prescribed under 44AB for cases where books of accounts are maintained.



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