CA Adesh Gupta (Finance Manager) (160 Points)
04 June 2011If an assessee engaged in business of iron and steel trading and having a gross annual turnover of less than Rs 60 lakhs and wants to show profit of Rs 2lakhs, is it compulsory for him to get the tax audit done?
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 04 June 2011
M. N. JHA
(CA)
(8316 Points)
Replied 04 June 2011
Rajnikant Vadigoppula
(CA, CS And CMA Final)
(919 Points)
Replied 04 June 2011
yes i agree with future CA if u don't want to pay presumptive tax then Maintain Books of accounts and get audited
Prashant Nayak
(Article)
(73 Points)
Replied 01 August 2011
I do not agree with this.. Sub Section 5 of Section 44AD says that if you are showing profit lower than 8% and TOTAL INCOME of you is less than maximum exremption limit then you do not required to have TAX AUDIT.
Prashant Nayak
(Article)
(73 Points)
Replied 01 August 2011
In this case INDIVIDUAL & HUF are exepmt from this section 44AD if their TOTAL INCOME is below 160000 / 190000 / 240000. However PARTNERSHIP FIRMS and SMALL COMPANIES are covered under this section as they do not have any maximum exemption limit.
CA. Nitin Agrawal
(Chartered Accountants)
(1066 Points)
Replied 30 August 2011
Agree with Mr. Prashant Nayak
Further wish to comments on it that "if your total income is below the exemption limit you need not to get the books of account audited but in that case reasonable books of accounts to be maintain to enable the A.O to compute the total income below the exemption limit"
Otherwise all assessee take the plea that his Total Income is below the Exemption limit and freed from Tax Audit
If that going ti happen, nobody get his books of account audited.
CA PRAVEEN SINGH
(MANAGER ACCOUNTS)
(2277 Points)
Replied 13 April 2012
YES RIGHT SAID ABOVE...
I YOU WANT TO SHOW YOUR INCOME BELOW THAN PRESUMPTION BASIS INCONE ,THEN IN THIS CASE YOU HAVE TO DO TAX AUDIT COMPULSORY.
bhavik vijay bhinde
(student)
(48 Points)
Replied 27 April 2012
What if the partnership firm with a nominal turnover of Rs. 1,50,000/- maintaing books making a loss before partners remuneration & interest..??
Whether the firm need to get audited..??
Whether The firm can give interest & remuneration to Partners..??
Monika barthwal
(Articled Assistant)
(26 Points)
Replied 19 May 2012
if an assessee is having two business can it will be possible for him to file its income from one business on presumtive basis and other the normal course it means regular books of accounts
CAclubindia
