Sunny (CA Business) (401 Points)
19 July 2022A person has source of Income from the following:
Person doesn't want to select 44AD for Future & Option and 44ADA for Services, Instead he wants to present normal business & profession ITR with balance sheet. So, in this case is there any criteria that how much profit should be there so that Tax Audit don't get applicable?
Sunny
(CA Business)
(401 Points)
Replied 19 July 2022
- FnO Turnover is 45 Lakhs
- Service Receipts is 6 Lakhs
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177701 Points)
Replied 19 July 2022
1. For services 50%
2. For F&O if sec. 44AB(e) not applicable, then no limit.
CAclubindia
