Total sale - 2 cr 30000 thousand
Sale return-35000 thousand
Net sale - 1cr 99 lakh 65 thousand
Kya tax Audit compulsory hai
4 Replies
suraj
(Student CA Final )
(288 Points)
Replied 16 November 2020
1.If your all the 95% receipts and payments are through banking mode ..then tax audit is not required upto turnover of 5cr.
or
2.If you are declaring your income under 44ad and showing 8% /6% of of total turnover
only for individual/firm ( exclude LLP).
then tax audit not required upto turnover of 2 cr..
Other wise tax audit is compulsory
or
2.If you are declaring your income under 44ad and showing 8% /6% of of total turnover
only for individual/firm ( exclude LLP).
then tax audit not required upto turnover of 2 cr..
Other wise tax audit is compulsory
ayusmita
(Tax consultant)
(5885 Points)
Replied 17 November 2020
Yes in your above declared figure case mandatory
just crossed verify the bank statement
cash flow n out flow
receipt n payment after that if it falls as per audit rule do audit others wise not required
just crossed verify the bank statement
cash flow n out flow
receipt n payment after that if it falls as per audit rule do audit others wise not required
Recent Topics
- NRO Interest - Taxed at source and in Foreign Coun
- Clarity needed on effective date
- Income Tax Refund Deadline Shortened to Five Years
- Rectification Applications for Past GST Demands
- Where can I find a trusted provider to hire a skip
- GST Invoices Series
- FILING OF ITR AY 20-21
- CLAIMING OF U CLAIMED RCM
- Building construction works
- REGARDING GSTR-9 F.Y 2023-24
Related Threads
CAclubindia
