I'm maintaining books for my business and my profit is less than 8%. I will file ITR 3 and show profit below 8%, is tax audit u/s 44AB applicable to me?
7 Replies
Tanvi Sharda
(51 Points)
Replied 04 January 2021
If your gross turnover / gross receipts are less than or equal to 1 crore then no need of tax audit.
Tax audit is applicable when gross turnover exceeds 1 crore.
Tax audit is applicable when gross turnover exceeds 1 crore.
Ronak Jain
(20 Points)
Replied 04 January 2021
If you read the provisions, it is also given that, a person option for presumptive basis and showing lower profit, is subject to tax audit
No turnover criteria in that case
No turnover criteria in that case
Tanvi Sharda
(51 Points)
Replied 04 January 2021
As per my knowledge you can show profit below 8% without tax audit when your gross turnover is less than 1 crore
ayusmita
(Tax consultant)
(5885 Points)
Replied 04 January 2021
If you want you can other wise not required
and for financial year 19 -20 audit applicable is
rs 5cr if the taxpayers cash receipts are limited to 5% of the gross receipts or trunover and if the taxpayers cash payment are limited to 5% the aggregate payment
and for financial year 19 -20 audit applicable is
rs 5cr if the taxpayers cash receipts are limited to 5% of the gross receipts or trunover and if the taxpayers cash payment are limited to 5% the aggregate payment
Balamurali Unnithan MS
(STUDENT)
(1631 Points)
Replied 04 January 2021
What about your turnover , your profit lessthan 8% ( through cash ) 6% ( through bank ) then you cannot choose 44AD , presumptive taxation !
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