TaxTMI 
TaxTMI 
tax audit applicability
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....ax audit applicability<br> Query (Issue) Started By: - akhil revuri Dated:- 23-8-2018 Last Reply Date:- 4-9-2018 Income Tax<br>Got 4 Replies<br>Income Tax<br>Dear Expert, An Asseessee has a TO of 90L, his net pft <6/8%,Is he required to get his BOA audited under 44AB? without opting for 44AD can he still file ITR-3 WITHOUT AUDIT REPORT? If so under which clause of 44AB? As there is an amendment....
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.... in clause e where previously it use to be business and now it is profession from 1/04/2017. 32Every person,- (a) carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds one crore rupees in any previous year ; or (b) carrying on profession shall, if his gross receipts in profession exceed 33[fifty] lakh rupees in any previous....
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.... year; or (c) carrying on the business shall, if the profits and gains from the business are deemed to be the profits and gains of such person under section 44AE or section 44BB or section 44BBB, as the case may be, and he has claimed his income to be lower than the profits or gains so deemed to be the profits and gains of his business, as the case may be, in any previous year; or (d) carrying o....
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....n the 34[profession] shall, if the profits and gains from the 34[profession] are deemed to be the profits and gains of such person under 35[section 44ADA] and he has claimed such income to be lower than the profits and gains so deemed to be the profits and gains of his 34[profession] and his income exceeds the maximum amount which is not chargeable to income-tax in any 36[previous year; or] 37[(e....
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....) carrying on the business shall, if the provisions of sub-section (4) of section 44AD are applicable in his case and his income exceeds the maximum amount which is not chargeable to income-tax in any previous year,] 34. Sub. for "business" by Act No. 28 of 2016, (w.e.f. 1-4-2017). 35. Substituted for "section 44AD" by Act No. 28 of 2016, (w.e.f. 1-4-2017) Reply By DR.MARIAP....
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....PAN GOVINDARAJAN: The Reply: Your query is not clear. Reply By Yash Jain: The Reply: Dear Sir, If you want to disclose income less than 6% (full bank tran) or 8% (cash + bank), then you will have to mandatorily get tax audit done. If company file ITR 6 else, ITR 3 However if you want to avoid tax audit, then disclose income as 6% & 8% and take benefit of presumptive taxation U/s 44AD. File IT....
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....R 4. As turnover is more than 20 lakhs, you will have to register for GST. As per provisions of gst you have to file annual return, and get books of account audited. You will have to give reco of Annual revenue in books V/s Gstr1. Hence you have to get books audited. Audit will cost you, but it will protect you at time of assessment/scrutiny. Hence please get books audited Rgds Reply By DR.MAR....
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....IAPPAN GOVINDARAJAN: The Reply: I endorse the views of Shri Yash Reply By Mayank Saraogi: The Reply: Mr Akhil u are absolutely correct, after the amendment by the finance act 2016, if u are maintaining books of accountants u r not required to get ur accounts audited u/s 44AB.<br> Discussion Forum - Knowledge Sharing ....