hello, my proprietorship business (professional) turnover 30 lakhs / profit 14 lakhs, can do audit in this case or it cannot be done? if it can be done then what is the last date? i know it is not required but can it be done?
thanks
Rahul Singh (advisor) (322 Points)
24 July 2024hello, my proprietorship business (professional) turnover 30 lakhs / profit 14 lakhs, can do audit in this case or it cannot be done? if it can be done then what is the last date? i know it is not required but can it be done?
thanks
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(168423 Points)
Replied 24 July 2024
No. Tax audit u/s. 44AB IT act not applicable.... i.e. it can not be done....
Rahul Singh
(advisor)
(322 Points)
Replied 24 July 2024
thank you for reply sir.
I am told having voluntary audit on this small turnover is good idea for less scruitny, etc. by IT Dept. Is that true? Should I get it done?
my previous ITRs were big (turnover 1cr+) when business was there, last financial year very less.
looking for suggestions to avoid any issues later.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(168423 Points)
Replied 24 July 2024
Are you carrying on any profession as specified under sec, 44AA(1) IT act?
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