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Question ID : 42194

Tax audit

In AY 2020-21 assessee’s total turnover exceeded prescribed limit and hence tax audit was done. In AY 2021-22 assessee’s profit is less than 50% of professional turnover. Total income exceeds taxable limit. Is tax audit required for AY 2021-22?

Posted by Sadhana N.Kubal on Dec 15, 2021

Filed Under DIRECT TAXES

Answer ID : 81387

Tax audit is required u/s 44ADA in case minimum profit is shown below 50%.

Posted by SUMIT KUMAR BAGRA on Dec 16, 2021
Answer ID : 81391

Audit required because of profit shown is less than 50 percent.

Posted by VINAY BHARGAV KUMAR G on Dec 24, 2021