Payment of self assessment tax and interest u/s 234B & C

Page no : 2

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (178226 Points)
Replied 28 July 2022

Sec. 44AB(a) specifies the limit upto 10 Crs. only if both payments & receipts are below 5%.

If any or both are above 5 % the limit reduces to 1 Cr.

In above case when total turnover is around 3.15 Crs. & if cash expenses are above 5%, than tax audit will apply.

MPR Sanjay Kumar (3118 Points)
Replied 28 July 2022

So now our cases are categories in 1 crore criteria??? here how to apply slab rate of income tax in tax audit?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (178226 Points)
Replied 28 July 2022

If turnover of any business is up to 1 cr., whatever be percentage of expenses or receipts, tax audit not applicable.....

Subject to applicability of sec. 44AD(4) & (5) of the act......

MPR Sanjay Kumar (3118 Points)
Replied 28 July 2022

Dear sir in our cases the turnover is 3.15 crores so we should have to how much tax payable?¿

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (178226 Points)
Replied 28 July 2022

Tax liability of over income earned not over turn over........

These data are only to clarify your doubts over 5%.

MPR Sanjay Kumar (3118 Points)
Replied 28 July 2022

Thank you so much Dhirajlal sir,plse always guide me

Start a New Discussion