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