Tax audit or not
This query is : Open
04 March 2018
Dear Sir's
I am doing retail busines, Turnover less than 1 crore fy 16_17 & net profit less than 8% it is tax audit case or non tax audit.
I am doing retail busines, Turnover less than 1 crore fy 16_17 & net profit less than 8% it is tax audit case or non tax audit.
04 March 2018
It will be audit under section 44AD if you show it income as less than 8% of your turnover.
04 March 2018
Tax audit not applicable for Turnover less than 1 crore and net profit less than 8%
Section 44 of Income Tax Act, 1961 essentially deals with sections related to audit, presumptive taxation and special provisions related to computation of income for business purpose. Till FY 2015-16, eligible assesses having turnover less than Rs 1cr and net profit less than 8% cannot were not allowed to avail the presumptive taxation scheme and had to be mandatorily audited by chartered accountant. This article tries to analyse the position brought by amendment to Section 44AB and 44AD by Finance Act, 2016. In my case above method aplicable or not
Section 44 of Income Tax Act, 1961 essentially deals with sections related to audit, presumptive taxation and special provisions related to computation of income for business purpose. Till FY 2015-16, eligible assesses having turnover less than Rs 1cr and net profit less than 8% cannot were not allowed to avail the presumptive taxation scheme and had to be mandatorily audited by chartered accountant. This article tries to analyse the position brought by amendment to Section 44AB and 44AD by Finance Act, 2016. In my case above method aplicable or not
06 March 2018
Sir in your case, as you an individual doing retail business for the FY 2016-17 and has turnover less than 1 crore then as per section 44AD your income should be min 8% of net profits or above 8% orelse you will need to do audit of your business.
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