Tax audit

FAHEEM AKRAM (293 Points)

19 July 2018

when tax audit compulsory ?? if my turnover is less than 1 crore ???

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7 Replies

N Das (177 Points)
Replied 19 July 2018

If your profit is below 6 % of total turn over.

FAHEEM AKRAM (293 Points)
Replied 20 July 2018

so tax audit is compulsory ???if profit is below 6%

Anjali P Nair (ACA,ACMA) (582 Points)
Replied 20 July 2018

Tax audit is applicable if u r profit is less than 8% of u r gross receipts under section 44 AD if u gross receipt is lower than 2 Crore.

6% is applicable only in case of digital transactions throuh cheque/DD/Debit card/Credit card/NEFT/RTGS etc.

FAHEEM AKRAM (293 Points)
Replied 20 July 2018

if we don't file u/s 44AD so also maintain profit 8% will be maintained for filing ITR3?

Anjali P Nair (ACA,ACMA) (582 Points)
Replied 20 July 2018

No sir if u r filing ITR 3 by declaring less than 8% of gross receipts then tax audit under section 44 AB will be applicable for u.

u can show less than 8% of u r gross receipts

FAHEEM AKRAM (293 Points)
Replied 20 July 2018

While filing ITR3 ? What will be kept in mind to avoid tax audit?

Anjali P Nair (ACA,ACMA) (582 Points)
Replied 20 July 2018

If u r filing ITR 3 by declaring less than 8% of gross receipts Tax audit is compulsory.

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