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,
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?
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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