Section 44AB-Tax Audit Limit For the FY 2023-24 and AY 2024-25 II When Tax Audit is must II

[@sreekanthtm3983]

Super class. Thank you

[@Fukranhm]

Sir i don't have any business bas Amazon referral se kuch 4 5k rs aaya h, trading krta hu. Mujhe ye aaya h- As seen from the return of income filed, income under the head “Profits and gains of Business or Profession” is admitted but the income offered is less than 6% or 8% of the gross receipts, as prescribed u/s.44AD. Hence it requires audit u/s 44AB. However, the books of accounts have not been audited.

[@vpstca]

@@Fukranhm no need to maintain books of accounts

[@AbhishekGupta-su6et]

In case of opting out of 44AD, audit applicable if total income exceeds BEL. Here total income means total business income only or it includes other sources likes fd interest also?

[@vpstca]

Here total income means income from all heads

[@J_P_7777]

Sir agar mera fno me turnover 10cr ke niche he aur profit 3cr he to kitna tax bharna hog?

[@vpstca]

Rs 1,12,90,500 for FY 2024-25 & AY 2025-26

[@sanjaykumar-ib3kh]

Intraday loss hai 5 lac - kya Audit karvana jaruri hai ( intraday turnover F&O - loss hai 6 lac ka - kya audit karana jaruri hai

[@vpstca]

No need to audit just maintain books of accounts

[@tirthshah3071]

Sir but what about those businesses whose cash receipts are less than.5% but turnover is less than 10 cr. However, their turnover is more than 3cr rupees resulting into non opting for 44AD. Are the liable for tax audit??

[@vpstca]

You can't opt 44AD bcoz TOR is more than Rs 3 Cr... and also not liable to Tax Audit bcoz TOR is less than Rs 3 Cr

[@RKBTaxConsultancy]

​@@vpstca Can he show profit 2-3% without audit also ?

[@RKBTaxConsultancy]

Can he show profit 2-4% without audit also

[@vpstca]

@@RKBTaxConsultancy no

[@RKBTaxConsultancy]

@@vpstca 1st year of Business Turnover -5cr All receipts & Payment Online mode Profit -3% Audit applicable? Sir clarify

[@VinayKumar-gj4yn]

If I have losses under FNO then I'll file my return as per normal provisions without opting for presumptive scheme. Still do I need to get audit done?? Pls Clarify me Sir I have salary income as well say 5Lakhs

[@vpstca]

No Audit

[@VinayKumar-gj4yn]

@@vpstca Ok Sir

[@jeckyrana5035]

hello if turnover is less than 1 crore and total income is also 2.7 lac but have not opted for 44ad in previous year so is tax audit applicable for share market related activites ?

[@vpstca]

No tax audit

[@JaishreeJ-ny3cy]

Sir, if turnover less than 1 cr and loss should we do tax audit

[@vpstca]

No audit

[@anshulikaverma5540]

Hi sir, I want to show my F&O losses this year and last year I opted for 44ADA (not 44AD). Is audit required for me? Please help with this query sir Thank you

[@vpstca]

No audit required this condition is not applicable on 44ada

[@anshulikaverma5540]

​@@vpstca thank you sir

[@Ganpatibappa_morya]

Sir if business profession me h 1500000 gross t/o and total turnover me sale of immovable property ka amount 5 cr. bhi add krna h kya to check tax audit limit...jo ki 10 cr. H as no cash income is less than 5% Sir limit check krne k liy turnover me business receipts + sale value of immovable property bhi add krte h ya only business receipts

[@vpstca]

@@Ganpatibappa_morya sales proceeds from transfer of fixed asset is not the part of sales turnover

[@Ganpatibappa_morya]

@@vpstca sir sale proceeds from building it is not considered while calculating limit of tax audit of 1 cr.

[@yashshrishrimalvlogs3116]

Premsemptive opted earlier This year shown loss Tax audit NA Next year shown total income more than BEL is tax audit applicable

[@vpstca]

How you show loss this year you choose 44ad last year so this year also you have to show your income as per section 44ad minimum 6% if you opt out from 44ad and your total income is more than 2.50 lakh then go for tax audit