First Year Turnover: 3 Crore, Tax audit done
Suppose, In 2nd Year Turnover: 1 Crore
For 2nd Year: Tax Audit Applicable?
Not applicable for the 2nd year
10 Replies
Veera Veera
(253 Points)
Replied 04 June 2021
Ok, But we opt for Presumptive Scheme 44AD & it should be continued for 5 Years.
In between any of the 5 Years, Turnover crossed more than 2 Crore.
Again we cannot opt for Presumptive scheme 44AD right
In between any of the 5 Years, Turnover crossed more than 2 Crore.
Again we cannot opt for Presumptive scheme 44AD right
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 04 June 2021
No, in cases where the turnover has crossed the threshold, the assessee is not eligible for 44AD. In other words, the assessee here has not opted out but is ineligible. So I think you can opt for 44AD again.
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 04 June 2021
No for 2nd year tax audit is not applicable
sabyasachi mukherjee
(27574 Points)
Replied 05 June 2021
The following sections are applicable:
1. 44AD
2. 44ADA
1. 44AD
2. 44ADA
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 06 June 2021
If you're referring 44AD then tax audit is not applicable
sabyasachi mukherjee
(27574 Points)
Replied 25 July 2021
Applicability of tax audit
1..I would suggest you to read provisions of Sec 44AD AND SEC 44ADA
1..I would suggest you to read provisions of Sec 44AD AND SEC 44ADA
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