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TAX AUDIT APPICABILITY, Income Tax

Issue Id: - 116938
Dated: 2-1-2021
By:- THYAGARAJAN KALYANASUNDARAM
TAX AUDIT APPICABILITY

  • Contents

Dear Professionals,

Please guide me if Tax audit is applicable in the below case:

Nature of the Company - Business (traders) and Turnover is 79lac during the year 2019-20. They are eligible assessee u/s/ 44AD. Upto the FY 2018-19, the assessee was covered under tax audit and it has been duly filed. However, during 2019-20, since the turnover is less than 2cr the assessee can avail 44AD but the assessee wants to show less than 8% profit. Is tax audit applicable if less than 8% profit is declared? (6% profit declaration is not applicable to this assessee)

Thank you in advance

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1 Dated: 3-3-2021
By:- DR.MARIAPPAN GOVINDARAJAN

In my view NO


1

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