A person trade business turnover rs:1.75 crores and profit rs:20 lacs f.y.22-23.
question:
assessess tax audit applicable f.y.22-23
2 Replies
CA Ankith Jain
(Chartered Accountant)
(973 Points)
Replied 22 April 2023
Not applicable, just file ITR-4 declaring profit of 20L.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177813 Points)
Replied 22 April 2023
If cash transactions (receipt as well as payments) are above 5%, and also if income not declared under presumptive assessment, then tax audit u/s. 44AB IT act, mandatory.
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