what if assessee has turnover less than RS 2cr in next financial year will he be required tax audit ??
e.g fy 2016-17 2cr. yes
fy 2017-18. 1cr. ??
Tax audit
NIDHI (ARTICLE) (55 Points)
16 July 2018
15 Replies
Vaibhav Siroliya
(Solicitor & Tax Consultant)
(308 Points)
Replied 16 July 2018
yes
because limit of section 44AB is not increased, limit of section 44AD is increased upto Rs2.00 cr.
because limit of section 44AB is not increased, limit of section 44AD is increased upto Rs2.00 cr.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177741 Points)
Replied 16 July 2018
As per section 44AB of IT act, when turnover of business exceeds 1Cr, mandatory to audit books of accounts.
NIDHI
(ARTICLE)
(55 Points)
Replied 16 July 2018
What is the status for fy 2017-18 .. as turnover is 1cr or may be less than that.. ll he be required tax audit for fy 2017-18
Vaibhav Siroliya
(Solicitor & Tax Consultant)
(308 Points)
Replied 16 July 2018
In that case if the client crossed limit u/s 44AB i.e. Rs. 1cr than he is required to get audited his BOA other he is not in this section.
NIDHI
(ARTICLE)
(55 Points)
Replied 16 July 2018
that means if an assessee has turnover of RS 60lakh then he is not required to do to tax audit
Vaibhav Siroliya
(Solicitor & Tax Consultant)
(308 Points)
Replied 16 July 2018
yes, tax audit is not required.
Divakar
(Student CA Final )
(11857 Points)
Replied 16 July 2018
If turnover is less than Rs. 1 crore in previous financial year then no tax audit required but u hv to show minimum profit 8%....or u can file presumptive return simply ITR4
Harini Rajagopalan
(7 Points)
Replied 16 July 2018
what if the turnover is less than 1cr and the person is showing less than 8% profit? 44AB applicable or not?
Divakar
(Student CA Final )
(11857 Points)
Replied 16 July 2018
If their act requires separate audit report then no need to do tax audit report... Like in company... Company act mandate for audit then no need to do tax audit.... And if profit is less than 8% tax audit required on below turnover also say 1 crore
NIDHI
(ARTICLE)
(55 Points)
Replied 16 July 2018
is that if a firm is required to do audit dis year then he is required to do next year even if he doesn't comes under sec 44ab or ad or any other sections???
Divakar
(Student CA Final )
(11857 Points)
Replied 16 July 2018
Nope.... For tax audit only last year turnover is considered... And it is not mandatory that once tax audit applicable always applicable... Its applicable only on last year turnover.... But firm generally do tax audit otherwise they have to show 8% profit and 30% flat tax rate applicable
RAJ SONAWANE
(20 Points)
Replied 18 July 2018
What in case of llp?
First year of business, turnover around 45 lacs.
Tax Audit as per income tax..?
Or only llp audit as per mca
First year of business, turnover around 45 lacs.
Tax Audit as per income tax..?
Or only llp audit as per mca
Divakar
(Student CA Final )
(11857 Points)
Replied 18 July 2018
Tax audit is mandatory in case of LLP having annual turnover more than Rs. 40 lakh or capital contribution of Rs. 25 lakhs
RAKESH BANSAL
(3 Points)
Replied 28 July 2018
Sir
I am having restaurant business. This is 1st year of business. Turnover is Rs.56 lakhs but having loss of Rs.6 lakhs.
Do I need to maintain books of accounts and to get tax audit done for FY 2017-18 (AY 2018-19) as per income tax law?
please advise.
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