TURNOVER LESS THAN 1 CR. AND LOSS , AUDIT IS COMPULSORY?
This query is : Resolved
25 May 2020
HELLO SIR,
I HAVE 9200000 TURNOVER AND I WOULD SHOW MY PROFIT ONLY 10000 , SO I GO THREW TAX AUDIT OR NOT?
I HAVE 9200000 TURNOVER AND I WOULD SHOW MY PROFIT ONLY 10000 , SO I GO THREW TAX AUDIT OR NOT?
25 May 2020
Tax audit not required as income less than taxable threshold.
25 May 2020
hello sir,
sorry but it is a Partnership Firm.so what?
sorry but it is a Partnership Firm.so what?
25 May 2020
Tax audit applicable in case of partnership firm showing profit.
26 May 2020
Dear frd, Why Tax audit...? If proper books of accounts maintained in partnership firm
Explain
Explain
26 May 2020
Profit less than 8%/6% declared hence tax audit applicable even books of accounts maintained.
26 May 2020
so in individual case also profit less than 8%/ 6% audit applicable .explain
26 May 2020
Below Taxable income is the criteria for tax audit not applicable.
For firm Rs 1000 income is taxable whereas for individual income above 2.50 lacs is only taxable.
For firm Rs 1000 income is taxable whereas for individual income above 2.50 lacs is only taxable.
27 May 2020
As per u says if we declare a profit below taxable income no tax audit and above taxable income but less 6%/8% tax audit applicable . Both sec 44ad and 44ab are interlink and creating a contradiction in your answer. As one person showing below taxable no income tax audit and one persons show taxable income tax audit applicable.
plz refer the section and explain as per ur comment (Below Taxable income is the criteria for tax audit not applicable.)
plz refer the section and explain as per ur comment (Below Taxable income is the criteria for tax audit not applicable.)
27 May 2020
Tax audit applicable in this case.refer section 44AB.
An assessee who declare profit for any previous year in accordance with section 44AD and he decreases profit for any of one 5 assessment year relevant to the previous year succeeding such previous year lower than the profit computed as per section 44AD and his income exceeds the amount which is not chargeable to tax.
An assessee who declare profit for any previous year in accordance with section 44AD and he decreases profit for any of one 5 assessment year relevant to the previous year succeeding such previous year lower than the profit computed as per section 44AD and his income exceeds the amount which is not chargeable to tax.
27 May 2020
Thats true but Return not filed earlier u/s 44AD and now net profit % less than 8% and therefore there is no breach of section 44AD(4) and so not under purview of tax audit .
27 May 2020
Yes,.............................
27 May 2020
HELLO SIR,
IN MY CASE, PARTNERSHIP FIRM AND NOT USE SEC 44AD, NORAML BOOKS OF ACCOUNTS MAINTAIN AND I LIKE TO SHOW PROFIT BELOW 8%/6%,
SO CAN I GET TAX AUDIT OR NOT ?
IN MY CASE, PARTNERSHIP FIRM AND NOT USE SEC 44AD, NORAML BOOKS OF ACCOUNTS MAINTAIN AND I LIKE TO SHOW PROFIT BELOW 8%/6%,
SO CAN I GET TAX AUDIT OR NOT ?
27 May 2020
In such a case no no tax audit.
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