dear colleagues🙏
ek proprietorship firm hai uska turnover FY 20-21 me 22 lac(approx hai) or uska net profit hi 4% hai yani 88000/- toh usse audit ki need rhegi kya?
regards,
10 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 27 April 2021
No audit is not applicable
saurabh sawlani
(2191 Points)
Replied 27 April 2021
Sourav sir, please pura clarify kre koi section ya koi case.... kyunki muje isme kafi confusion hai... kafi alag alag views bhi mil rhe hai
digvijay singh
(20 Points)
Replied 27 April 2021
My view is audit required because under sec 44ab condition follow
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 27 April 2021
If you're opting for presumptive taxation u/s 44AD and turnover is less than 2 crores rupees and profit is 8% on turnover then Audit is not required.. Whether you have opted for presumptive taxation??
Lotus Agrawal
(Practice)
(1361 Points)
Replied 27 April 2021
As per my opinion Audit is required only if
Turnover exceeds Rs. 1 crore OR
Turnover exceeds Rs. 2 crore in case the assessee has opted for presumptive taxation under 44AD OR
IF OPTED for 44AD, assessee has shown profit less then 8% or 6% as the case may be.
but if the turnover is less than one crore and not opted for 44AD then no audit is required. But in this case Full balance sheet and profit and loss account shall be prepared and ITR-3 should be filed.
This is my view. Other views are welcomed (if any).
Turnover exceeds Rs. 1 crore OR
Turnover exceeds Rs. 2 crore in case the assessee has opted for presumptive taxation under 44AD OR
IF OPTED for 44AD, assessee has shown profit less then 8% or 6% as the case may be.
but if the turnover is less than one crore and not opted for 44AD then no audit is required. But in this case Full balance sheet and profit and loss account shall be prepared and ITR-3 should be filed.
This is my view. Other views are welcomed (if any).
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