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