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Question ID : 41167

Tax audit

A professional following cash basis ,whether tax audit is applicable or not in following circumstances , if yes than under which clause of 44AB, 1) Turnover as follows Billed RS 48 lakhs Receipts Rs 32 Lakhs Trading in Stock Market 40 lakhs 2) Turnover as follows Billed RS 48 lakhs Receipts Rs 32 Lakhs Trading in Stock Market 80 lakhs 3) Turnover as follows Billed RS 48 lakhs Receipts Rs 32 Lakhs Trading in Stock Market 1.05 crore Note:- 1)What if wants to offer Income under presumptive 44AD and 44ADA from professional activity is more than 50% of receipts and from trading of stock market is less than 6% of Turnover 2) Limit for tax audit U/S 44 AB for professional is above 50 lakhs and others is above 1 crore and if certain condition are satisfied than above 10 Cr

Posted by CA. MEHTA DEVANG PRATAPRAI on Oct 27, 2021

Filed Under AUDIT