Tax Audit Applicability for A.Y. 2020-21 under Section 44AB vis-à-vis Section 44AD / Section 44ADA of the Income Tax Act, 1961

We have attempted to provide a compendious view of Tax Audit Applicability for A.Y. 2020-21 under Section 44AB vis-à-vis Section 44AD / Section 44ADA of the Income Tax Act, 1961.

Tax Audit Applicability for A.Y. 2020-21 for Business Income (Section 44AB vis-à-vis 44AD of the Income Tax Act, 1961)

turnover

Tax Audit Applicability for A.Y. 2020-21 for Professional Income (Section 44AB vis-à-vis 44ADA of the Income Tax Act, 1961)

Gross Receipts

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Location: Mumbai, Maharashtra, IN
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11 Comments

  1. VISHNU says:

    A PARTNERSHIP FIRM TOTAL TURNOVER RS. 22 LAC AND NET PROFIT AFTER GIVEN INTEREST AND REMUNERATION IS ZERO.IS AUDIT IS REQURIED FOR THIS FIRM?

  2. Ramesh Tekwani says:

    Ms. Khayati,

    I am a marketing professional having income of Rs. 7 lakhs from consultancy in FY: 2019-20 and loss from Intraday Trading at stock market. What does turnover mean under this section? Do i have to go for audit? Pls clarify.

  3. somesh jain says:

    TAX AUDIT LIMIT FOR A CA. CONDUCT IS 60. IN THIS LIMIT AUDIT U/S 44AD IS NOT INCLUDED. WHAT IS THE T/O LIMIT U/S 44AD FOR THIS PURPOSE 1 OR 2 CRORES

  4. CHETANKUMAR SHANTIBHAI PANCHAL says:

    As per my view, Requirement of audit (Range 1Cr-2Cr) will not be applicable under Section 44AB(e), because erstwhile requirement of getting books of account audited if profit is below 8%/6% has been removed. So even if it is loss or below, assessee can escape audit.

  5. CA PAWAN AGRAWAL says:

    If turnover less then 5 cr. and CR and CP less then 5%. whether the assessee will opt for 44AD(presumptive) disclosing profit @6% for 95% turn over and 8% for 5% of turnover or is to file unaudited PL and BS showing even less profit. Pl. reply.

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