Question ID :
40849
Tax Audit u/s 44AB
My Tunover is less than 1Cr Profit is below 8%/6% so whether Tax Audit required?
Posted by
DHEERAJ M AGRAWAL
on
Sep 30, 2020
Filed Under
AUDIT
Yes, if the turnover is less than one crore and profit declared below 8%/6% then Tax Audit is mandatory.
Posted by
CA ANUJ JAISWAL on
Oct 01, 2020
Answer ID :
80763
YES, IF YOUR INCOME TOO IS ABOVE TAX EXEMPTION LIMIT.
Posted by
SHUBHAM SONI on
Oct 02, 2020
Answer ID :
80768
Audit for turnover less than RS. 1 crore is required only when profit declared is less than 8%/6% and the assessee has opted out of section 44AD taxation. Otherwise tax audit is not required u/s. 44AB(e) read with section 44AD(4) and 44AD(5).
Posted by
CA. chunauti dholakia on
Oct 08, 2020
Answer ID :
80812
yes
Posted by
SURAJ KUMAR CHOUDHARY on
Nov 15, 2020