Tax audit or 44ad
Joshua Dsouza (152 Points)
17 February 2024Last year I had filed ITR under 44ad for turnover ₹70lakhs.
This year my turnover is 1.50cr .
whether tax audit applicable or I can continue 44AD?
Joshua Dsouza (152 Points)
17 February 2024
RAJA P M
("Do the Right Thing...!!!")
(127921 Points)
Replied 17 February 2024
CA Rashmi Gandhi
(Chartered Accountant)
(86308 Points)
Replied 17 February 2024
Joshua Dsouza
(152 Points)
Replied 17 February 2024
Saravanan nagaraj
(463 Points)
Replied 18 February 2024
Total sales, turnover or gross receipts exceed Rs.1 crore in the FY If cash transactions are up to 5% of total gross receipts and payments, the threshold limit of turnover for tax audit is increased to Rs.10 crores (w.e.f. FY 2020-21)
RAJA P M
("Do the Right Thing...!!!")
(127921 Points)
Replied 18 February 2024
Originally posted by : Joshua Dsouza | ||
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I have one doubt... turnover limit of 1cr for tax audit for whom it's applicable?? | ![]() |
For Your this question...
It's applicable to who can't opt sec 44ad. Means, Who is file his return with sec 44AA. Then the Tax Audit limit is 1cr.
CA Rashmi Gandhi
(Chartered Accountant)
(86308 Points)
Replied 18 February 2024
Alliance Tax Experts
(Tax Practitioner)
(45 Points)
Replied 23 February 2024
If the total sales, turnover, or gross receipts surpass Rs. 1 crore in the financial year, and cash transactions constitute up to 5% of the total gross receipts and payments, the turnover threshold for a tax audit is elevated to Rs. 10 crores (effective from the financial year 2020-21).
RAJA P M
("Do the Right Thing...!!!")
(127921 Points)
Replied 23 February 2024
Originally posted by : Alliance Tax Experts | ||
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If the total sales, turnover, or gross receipts surpass Rs. 1 crore in the financial year, and cash transactions constitute up to 5% of the total gross receipts and payments, the turnover threshold for a tax audit is elevated to Rs. 10 crores (effective from the financial year 2020-21). | ![]() |
Okay...
What about if cash transactions 5.1%....???
RAJA P M
("Do the Right Thing...!!!")
(127921 Points)
Replied 24 February 2024
Originally posted by : Alliance Tax Experts | ||
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then go with Tax Audit | ![]() |
the limit is...???
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