IF the turnover of assessee is below Rs 50 lacs but profit
declared is less than 5% of turnover . IS he subject to tax
audit?
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AS PER INCOME TAX ACT-1961 ,TAX AUDIT U/S 44AB IS APPLICABLE
ONLY WHEN THE TURNOVER OF THE ASSESSEE EXCEEDS 60LAKS
AND IF THE ASSESEE IS CHOOSE TO DECLARE HIS INCOME UNDER
PRESUMPTIVE TAXATION I.E., UNDER 44AD/44AE.....THE TURNOVER
SHOULD BE LESS THAN 60 LAKS
SO IN THE GIVEN QUESTION THE TURNOVER IS 50 LAKS.SO HE IS
EXEMPTED FROM 44AB.
AND HE CAN DECLARE LOWER INCOME THAN UNDER 44AE/44AD WITH
REQUIRED INFORMATION SA SPECIFIED UNDER THE ACT.
| Is This Answer Correct ? | 2 Yes | 1 No |
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