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Question ID : 41158

tax audit limits

Assessee is having turnover of Rs.99 lacs from contractual business and 1.5 lacs from hiring services u/s 44AE. Whether the same would be included in Gross turnover for Tax Audit or not. Otherwise Assessee can declare his income @ 6% on contractual receipts u/s 44AD and 1.50 lacs under 44AE without getting audited

Posted by SURAJ KUMAR CHOUDHARY on Oct 06, 2021


Answer ID : 81346

Turn over for 44AB is Rs. 100.50 lacs. Turnover for 44AD is Rs. 99 lacs and for 44AE is 1.50 lacs. Which option to choose is left out for your judfgement.

Posted by B.CHACKRAPANI WARRIER on Oct 07, 2021