According to section 44AB of the Income Tax Act, following are
mandatorily required to get their accounts audited:
·
An individual engaged in business
with Rs.1 crore and above as the annual turnover of business.
·
An individual engaged in any sort of
profession with income receipts in a year aggregated to be Rs.50 lakhs and
above.
·
An individual who, under Section
44AD, qualifies for the presumptive taxation scheme but at a later stage claims
that the profits for the business are lower than the profits calculated earlier
as per the presumptive taxation scheme. It is also applicable in case, the
income on record is calculated to be more than the amount which is not
chargeable for taxation or is tax-free.
·
If the assessee qualified under the
presumptive taxation scheme, after a specific period opts out of it, will lose
the ability to go back to the said taxation scheme for a continuous period of 5
assessment years after opting out.
·
An individual who qualifies to
choose the presumptive taxation scheme of selection under Section 44AE but then
claims that the profits for such business are lower than the profits calculated
in accordance with the presumptive taxation scheme of section 44AE.
·
An individual who qualifies to
choose the presumptive taxation scheme of selection under Section 44BBB but
then claims that the profits for such business are lower than the profits
calculated in accordance with the presumptive taxation scheme of section 44BBB.
You can submit
your tax audit report easily
with the help of Enterslice.
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