Incomr Tax
Rahmathullah p (101 Points)
25 December 2020
GST 15845230.00 Does the seller need an audit? In income tax returns.
4 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 25 December 2020
Yes tax audit is applicable as turnover exceeds 1crore u/s 44AB
Krishna Chaudhary
(Accountant)
(4531 Points)
Replied 26 December 2020
As per section 44AB if turnover exceeds one crore person is liable for audit under Income tax.
but section 44AD read with section 44AB,
says if turnover is upto 2 crore you can show 8% are 6% minimum profit of the turnover and hence you don't require for audit. but if you so INCOME below 8% and 6% OF TURNOVER, it is mandatory to do audit
but section 44AD read with section 44AB,
says if turnover is upto 2 crore you can show 8% are 6% minimum profit of the turnover and hence you don't require for audit. but if you so INCOME below 8% and 6% OF TURNOVER, it is mandatory to do audit
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