Tax audit for 3 star hotel
This query is : Resolved
16 October 2020
assessee is pvt.ltd.
turnover is 2.5 crorein fy1920,
cash receipts more than 5% of total turnover.
net loss in profit loss.
is tax audit applicable?
according to me, 44ad 8% 6% etc. not applicable to company. so no tax audit as limit of 4 crore of 44ab not crossed. am i wrong?
turnover is 2.5 crorein fy1920,
cash receipts more than 5% of total turnover.
net loss in profit loss.
is tax audit applicable?
according to me, 44ad 8% 6% etc. not applicable to company. so no tax audit as limit of 4 crore of 44ab not crossed. am i wrong?
16 October 2020
Yes, you are wrong as cash receipt exceed 5% limit for tax audit is 1 crore.
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