An assesse is having a sales turnover of Rs. 800.00 lacs. Cash receipts or payments during the assessment year 2022-23 is around 2% only and as such the accounts are not liable for tax audit under sec 44ab. The taxable income is Rs. 8.00 lacs only. Whether the department can proceed to treat 8% of sales turnover as taxable income to file the return of income with taxable income of Rs.8.00 lacs. Whether form 3CB-3CD shall be filed?
4 Replies
CA Aakarsh Jain
(CA)
(10431 Points)
Replied 18 August 2022
Audit not required but if you do it then it will easily process your IT return otherwise IT department can ask some clarifications. If you think you are ready to give clarifications then don't go for audit.
MPR Sanjay Kumar
(3118 Points)
Replied 18 August 2022
@ Ca Akarsh Jain sir,As per accounting standard to valuation of inventories or valued at lower of cost and net realiseble value...
1 .)how to value of inventory raw material
2.) how to value of inventory work in progress
3.) how to value of inventory finished goods
could you please explain me the as 2 valuation of inventory
plse guide me
1 .)how to value of inventory raw material
2.) how to value of inventory work in progress
3.) how to value of inventory finished goods
could you please explain me the as 2 valuation of inventory
plse guide me
sabyasachi mukherjee
(27574 Points)
Replied 21 August 2022
Irrelevant sanjay
I will guide you.
regarding sec 44adA or sec 44ad who will guide.
I will guide you.
regarding sec 44adA or sec 44ad who will guide.
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