Dear All,
person is having turnover of 2.5 cr and 100% receipt is other than cash..
He is showing profit of less than 8%.
Do tax audit applicable for him for FY 2020-21
5 Replies
Himanshu Agarwal
(Proprietor)
(186 Points)
Replied 24 March 2021
But if turnover is above 2 cr applicability of 44AD is not there,so person above 2cr to 5cr showing cash receipts less than 5% can even show profit less that 8% without the audit also
Kamal Verma
(Financial advisor)
(582 Points)
Replied 24 March 2021
If profit earned is equal to or greater than 6% and all the receipt are through bank or digitally up to turnover of Rs. 2 crore. You can file return under section 44AD. otherwise tax audit will be applicable if profit is less than 6%.
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 24 March 2021
As in your case presumptive taxation is not applicable as turnover exceeds threshold limit and receipt is 100% in online mode but turnover is less than 5 crores rupees.
So, Tax audit is not applicable
So, Tax audit is not applicable
Zeeshan Haris
(74 Points)
Replied 30 August 2021
@ sourav is there any net profit limit can he show less than 6% net profit?
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