hello experts please advice me regarding doubt of itr to file for professionals.
whether audit liability will arise under following comdition.
gross receipt rs. 1000000
other income rs. 10000
net profit rs. 350000
whether audit liability will arise if i will file itr 3 and not filing return under presumptive manner.
plz expert advice me regarding this doubt.
Menu
itr for professionals
Replies (23)
Yes...audit liability will airise if youb
Yes...audit liability will airise if you don't file return under presumptive scheme.
okkay.. thank you prakash sir...
yes audit is required
thank you ramesh sir...
Since you are not opting for presumptive scheme the turnover limit for compulsory tax audit is Rs 50 lakh. In your case it is Rs. 10 lakh so tax audit is not required. More so over since you are not opting for presumptive scheme the criteria to show 50 percent of your gross receipts does not arise. So in this front also tax audit does not apply. Thus if you file ITR 3 you are not liable for tax audit. Your case is covered u/s 44AB (b) and not u/s 44AB (d). So you are not subject to compulsory tax audit.
As per the provision of section 44AB every person carrying on the profess
As modified by finance act,2016
If the profit or gain from profession
If the profit or gain from profession
As modified by finance act,2016
If the profit or gain from profession is lower then the profit or gain deemed to be profit and gain from profession under section 44ADA and his total income exceed maximum amount which is not chargeable to tax in any previous year then he is req. to get his account audited.
If the profit or gain from profession is lower then the profit or gain deemed to be profit and gain from profession under section 44ADA and his total income exceed maximum amount which is not chargeable to tax in any previous year then he is req. to get his account audited.
thank you ghosh sir...
You are most welcome
prakash sir, thank you for you kind reply but my question is i dont want to file return under 44ada, i want to file in itr 3 now whether ques. of audit arise or not.
yes audit required as per my view.
The audit is required in my view as well.
You have declared income from profession below 50% of turnover from profession.
Your income is above 2.5L the max exempt from tax.
For your reference the 44AB (d) is what applies to your case.
Audit of accounts of certain persons carrying on business or profession.
44AB. 32Every person,—
:
(d) carrying on the 34[profession] shall, if the profits and gains from the 34[profession] are deemed to be the profits and gains of such person under 35[section 44ADA] and he has claimed such income to be lower than the profits and gains so deemed to be the profits and gains of his 34[profession] and his income exceeds the maximum amount which is not chargeable to income-tax in any 36[previous year; or]
Recent Threads
- GST RATE OF OUT DOOR CATERING
- Non resident taxation & income tax in India
- GST Rate for oral Hygiene Combo Pack
- GST registration - Address error
- TDS on property pu
- Import of goods IMS action related
- Incometax Survey - Updated Return Filing after the
- TCS under 206C(1F)
- Effect on Cost of Control when Bonus Issue is from
- The deductor filed GSTR 7 turnover including tax.I
Related Threads
CAclubindia
