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TAX AUDIT APPICABILITY, Income Tax |
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TAX AUDIT APPICABILITY |
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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 Posts / Replies Showing Replies 1 to 1 of 1 Records
In my view NO
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