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TAX- AUDIT FOR FY 18-19, Income Tax

Issue Id: - 115277
Dated: 3-8-2019
By:- RAHUL GAIKWAD
TAX- AUDIT FOR FY 18-19

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In FY 16-17 we filed Income Tax Return u/s 44AD, In FY 17-18 turnover was 3cr so we Filed Tax Audit. Now in FY 18-19 our Turnover is 1.75 CR, We are liable to Tax Audit.? or We can File Income Tax Return U/s 44AD.?

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Showing Replies 1 to 5 of 5 Records

1 Dated: 4-8-2019
By:- KASTURI SETHI

Section 44 AD talks of turnover pertaining to the previous financial year. For my knowledge sake, will you please inform me why have you doubt ? I am not expert in Income Tax Act. I am asking with an intent to enrich my knowledge in this field.

Thanks.


2 Dated: 6-8-2019
By:- DR.MARIAPPAN GOVINDARAJAN

You have to file income tax return. There is no exemption for filing income tax return. Since your turnover is more than ₹ 1 crore tax audit is to be done; if you are professional tax audit is required if the same exceeds ₹ 50 lakhs.


3 Dated: 6-8-2019
By:- KASTURI SETHI

Sir, Thanks a lot for your reply.


4 Dated: 6-8-2019
By:- RAHUL GAIKWAD

My question is that, Can I file income tax return under 44ad without tax audit because my turnover is 1.75 cr.?

44ad limit is 2cr


5 Dated: 16-8-2019
By:- Ramesh Kothari

Obvious no need to file when section 44AD it self your answer


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