A client turnover is 1.50 crore that is more than 1 crore, but he don't want to declare income on presumptive basis @ 8%, and want to conduct audit
my query is under what clause of 44Ab audit will be done whether under clause (a) i.e. turnover more than 1 crore or clause (e) declaring profit less than 8%
4 Replies
Shweta Gupta
(Assistant Manager)
(224 Points)
Replied 20 September 2019
You need to select 44ab (e) if he has filled presumptive in previous year and now want to declare profit less than 8 percent otherwise 44ab (a) will be selected
Anmol Singla
(808 Points)
Replied 20 September 2019
Means even if his turnover more than 1 crore, I have to see whether he declare previous year profit on presumptive basis or not, if he shown on presumptive basis then I have to select option e ?
Shweta Gupta
(Assistant Manager)
(224 Points)
Replied 20 September 2019
If he filled last year presumptive return then he has to file presumptive return continue 5 years and if he want to declare his profit less than 8 percent than its mandatory to file tax audit under 44ab(e). as per my opinion
Anmol Singla
(808 Points)
Replied 20 September 2019
Thanx, please tell me what details are to be shown in clause 12
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