TAX Audit Requirement

JITENDRA SINGHVI (SELF EMPLYOED) (211 Points)

09 January 2021

Type - Private limited company
Turnover - 35 Lakhs
Net Profit - 1.2 Lakhs

required tax audit...?

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4 Replies

CA ABHAY GUPTA (Practice) (3230 Points)
Replied 09 January 2021

No as turnover does not cross the limit of Rs 1crore required by 44AB

JITENDRA SINGHVI (SELF EMPLYOED) (211 Points)
Replied 09 January 2021

What about lower than 8% profit

CA ABHAY GUPTA (Practice) (3230 Points)
Replied 09 January 2021

That is written in section 44AD which is applicable on individual HUF and Partnership Firm not to LLP or Company..

JITENDRA SINGHVI (SELF EMPLYOED) (211 Points)
Replied 09 January 2021

Okay...

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