CA Saransh Bansal (Chartered Accountant) (17 Points)
27 July 2018
Sayan Gupta
(Accounts Professional)
(176 Points)
Replied 27 July 2018
If you have opted for presumtive scheme and declare profit less than 8% then audit is compulsary.
CA Saransh Bansal
(Chartered Accountant)
(17 Points)
Replied 27 July 2018
Sayan Gupta
(Accounts Professional)
(176 Points)
Replied 28 July 2018
Yes even if turnover is less than 1 cr. By the way the turnover limit (tax audit purpose) in case of 44AD is 2 Cr. not 1 Cr.
ramesh
(investor)
(32 Points)
Replied 29 July 2018
Tax audit not applicable if turnover< 2Cr even if in loss , if we are not opting presumptive just normal itr-3 . Am i correct?
Nikhil Kaushik
(Fellow CA)
(86416 Points)
Replied 05 August 2018
please friends, read the section properly. the audit will apply only if the income is above the exemption limit and profit is beloe 6% or 8% as the case may be. Both conditions need to satisfy for audit to be applicable.
Ramesh, if your turnover is above 1 cr, then audit will apply regardless or profit or loss (in case you are not using 44AD presumptive taxation)
ramesh
(investor)
(32 Points)
Replied 07 August 2018
i think audit is not applicable for profit less than 8% even if income above exemption limit. (for those not opting presumptive ) . new amendment i think.
Nikhil Kaushik
(Fellow CA)
(86416 Points)
Replied 07 August 2018
| Originally posted by : ramesh | ||
 |
i think audit is not applicable for profit less than 8% even if income above exemption limit. (for those not opting presumptive ) . new amendment i think. |
|
if you are referring to 44AD(5), there is no change in the provisions for application of audit. If you are skipping 44AD completely, then the audit is triggered once the turnover is above Rs 1 cr regardless of profit and loss
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