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
15 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177852 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)
(332 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.)
(177852 Points)
Replied 24 July 2024
Are you carrying on any profession as specified under sec, 44AA(1) IT act?
Rahul Singh
(advisor)
(332 Points)
Replied 24 July 2024
sir i provide IT services/consultations to customers.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177852 Points)
Replied 24 July 2024
Yes, in that case it is possible to audit your books of accounts u/s. 44AB(d) IT act., Check with your auditor.
Rahul Singh
(advisor)
(332 Points)
Replied 25 July 2024
sir is it advised to get voluntary audit done? Does that make things look better? does it avoid unnecessary scrutiny? thanks
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177852 Points)
Replied 25 July 2024
You can get tax audit done and it would be as per rules.
Rahul Singh
(advisor)
(332 Points)
Replied 25 July 2024
sir also my resident status is nri. if still possible then kindly tell under which section audit is possible?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177852 Points)
Replied 25 July 2024
As said earlier Sec. 44AB(d) IT act...
Rahul Singh
(advisor)
(332 Points)
Replied 25 July 2024
sir i checked 44AB(d) IT act but found two definitions which is correct?
- If the gross receipts or turnover of a professional exceed the prescribed limit, currently set at ₹50 lakhs, they are required to get their accounts audited.
- If the professional profits are deemed under section 44ADA, and the assessee claims their income is lower than the deemed profits, and their income exceeds the maximum non-taxable limit, they need to get their accounts audited.
so how can do audit under this and which one is correct?
Rahul Singh
(advisor)
(332 Points)
Replied 25 July 2024
thanks sir, and with your experience is it advised to get audit done or it attracts unnecessary attention? specific to my itr.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177852 Points)
Replied 26 July 2024
It is advisable to get audit done.
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