Tax Audit

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if previous year tax audit but this year turnover below 1 crore and profit is 4% so what to do for this year? can i file normally file ITR3 wiothut tax audit?
Replies (5)

Since profit is below 8% and if its above basic exemption limit then audit will be required

And if below basic exemption limit then audit not required. File u/s 44AD

Audit not required after amendment of F.act 2016.
audit is not required as in current PY turnover is less than 1cr
#Gaurav_palta ji....mostly people dont know about F. act 2016....everyone says declare profit more tha 8%
plzzz provide me that amenment....
These are provisions of 44AD latest sub section 4 and 5 [(4) Where an eligible assessee declares profit for any previous year in accordance with the provisions of this section and he declares profit for any of the five assessment years relevant to the previous year succeeding such previous year not in accordance with the provisions of sub-section (1), he shall not be eligible to claim the benefit of the provisions of this section for five assessment years subsequent to the assessment year relevant to the previous year in which the profit has not been declared in accordance with the provisions of sub-section (1).

(5) Notwithstanding anything contained in the foregoing provisions of this section, an eligible assessee to whom the provisions of sub-section (4) are applicable and whose total income exceeds the maximum amount which is not chargeable to income-tax, shall be required to keep and maintain such books of account and other documents as required under sub-section (2) of section 44AA and get them audited and furnish a report of such audit as required undersection 44AB.]


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