Tax audit for turn over of 22 lakhs
Normal (no 44AD/44ADA): Not required as the turnover threshold limit has not crossed.
As I understand, no tax audit is applicable
Though that criteria, may or may not apply here , but rest assured, there is no tax audit liability.
In your case, since 44AD is not opted for, no audit would be required up to a turnover of Rs.10 cr for FY20-21 if cash transactions are limited to 5% (however, if cash transactions are >5%, Rs.1cr would be the turnover limit for no-audit), even if the profit is 5% in this case.
(5) Notwithstanding anything contained in the foregoing provisions of this section, an eligible assessee to whom the provisions of sub-section (4) are applicable and ....... whose total income exceeds the maximum amount which is not chargeable to income-tax,........ shall be required to keep and maintain such books of account and other documents as required under sub-section (2) of section 44AA and get them audited and furnish a report of such audit as required under section 44AB."
As the total income is below 2.50 lakhs.. which is the maximum amount not chargeable to income tax...... tax audit not applicable....
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