Tax Audit Limit Rs 10 Crore | Section 44AB of Income Tax Act for AY 2021-22 | CA Kushal Soni

[@gauravgupta8094]

What is the benefit of going to high court if one going to court for quashing of 148 notice and instead of this court only set aside the 148 order of the dept and redirect the AO to start proceedings again after hearing to assessee. Assessee wants - total quashing of 148 order on account of principal of natural justice And court does- only set aside the order and redirect the AO to start proceedings afresh

[@CAKushalSoni]

It depends on HC that to what extent benefit should be given to assessee and to department. If any remedy is available to make good that went wrong during assessment then HC always pronounce order with that available remedy.

[@gauravgupta8094]

@@CAKushalSoni But assessee has only and only filed application to high court for quashing the order not to set aside the order, then what is the benefit to go to high court

[@JaySomnath99]

If mainten cash limit but profit 2 % to audit required he

[@CAKushalSoni]

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[@ayannandi2543]

In case of regular share trading having turnover around 6 cr, receipt n payment has been made 100% via bank, and profit below 6% , which section would apply? or does he require any audit?

[@CAKushalSoni]

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[@c2354]

GM SIR, WHAT IS THE TOTAL OF TAX I WILL PAY FOR 10 CRORE, WITH TDS AND SURCHARGE

[@CAKushalSoni]

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[@caamolbramhankar7755]

Required minimum percentage on turnover to show

[@nkiieet]

Sir my bank fd amount interested cut by govt itr form online 44ab political party 13a kya select karna hoga sir My income is 0 Saving account

[@CAKushalSoni]

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[@Jack-xx3qg]

my turnover is 7 crores my profit is over 23L(withdrawn to account) but have a loss of 19L. How to calculate?

[@CAKushalSoni]

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[@shrujanjarag]

so if someone has 6 crore turnover in manufacturing business and he has 100% bank transactions, do he need to audit?

[@CAKushalSoni]

No tax audit required.

[@manoharakurup7834]

What about if the net profit is less than 6% of the total turnover?. I have seen in some you tube videos saying that tax audit is mandatory above 1 crore turnover if the net profit is less than 6% which is very much confusing.

[@CAKushalSoni]

Tax audit is applicable

[@naveennegi2700]

Sir is it applicable to proffessionals

[@CAKushalSoni]

No

[@sushamagrawal1600]

Is tax audit not required even if profit is below 6/8% ? Given the turnover is below 2Cr or above 2Cr upto 10cr ?

[@CAKushalSoni]

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[@zaidkhatriz.k1354]

We have e-commerce bussiness only,Are we eligible ?

[@CAKushalSoni]

Yes

[@gauravgupta8094]

Sir, my revised return( ITR 1) of FY 2019-20 has been taken for processing on 27 September 2021( ITR filed on 25 May 2021). Sir, in how much time it will be processed now and when will I receive 143(1) intimation

[@CAKushalSoni]

One year from end of the FY in which ITR was filed

[@arjunkamlacmaclasses752]

Respected sir,I have a doubt? Yadi koi professional u/s 44ADA ko opt nahi krna chahta hai,qki uske expenses 70% of total receipts hai. Suppose, his receipts= 48lacs,expenses=33.60lacs(70% of 48lacs),net PGBP income=14.40lacs. Ab, 14.40 lacs pr tax calculate krege. Doubt.....kya iss professional ko Accounts maintain aur Audit krna compulsory ho jayega kya?

[@CAKushalSoni]

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[@rpagar]

If profit is less than 6 percent and all digital turnover between 1cr to 2cr then audit is applicable or not.

[@CAKushalSoni]

Applicable

[@caamolbramhankar7755]

@@CAKushalSoni why

[@CAKushalSoni]

@@caamolbramhankar7755 For more information on this write to us at [e-mail]

[@bajranglalsharmasharma2165]

Sir case laws bheje basic exemption limit. Meri F&O turn over 3.5 crore hai .meri salary laghbha 13 lac hai sur mujhe loss hi huaa hai 6 lakh ka.kya mujhe audit karwani hogi .jab ki digital transaction 95% se upar hai .mujhe kaha ja raha hai ki audit hogi kripya advise dewe.

[@CAKushalSoni]

Please check your email

[@gauravgupta8094]

Application for stay of demand in case assessee is not in a position to deposit 20 percent of demand should be made to jurisdictional CIT or ITO or NFAC

[@CAKushalSoni]

Application for stay of demand should be first made to Jurisdictional ITO, if he reject then application for stay of demand can be filed to CIT(A) and then ITAT.

[@gauravgupta8094]

@@CAKushalSoni Is there any role of NFAC in granting stay of demand or after finalisation of case by NFAC , case goes to jurisdictional AO for collection of demand and for further steps

[@CAKushalSoni]

@@gauravgupta8094 NFAC has no role in granting stay of demand. Collection of demand is responsibility of jurisdictional AO.

[@keshavsahu3037]

Profit ratio in fy 2019-2020 5 %( Not opted for presumptive basis and maintained full books of accounts) Profit ratio in fy 2020-2021 15 % ( Not opted for presumptive basis and maintained full books of accounts) Profit ratio in Fy 2021-2022 4 % ( Not opted for presumptive basis and maintained full books of accounts) Turnover is less than 1 cr in all three cases and all three business are normal retailers Is tax audit required or not for fy year 2021-2022 ? Please reply

[@CAKushalSoni]

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[@DineshKumar-no3tx]

Below 10 c bi audit karne ka notice aaya hai

[@CAKushalSoni]

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[@ranisahana6204]

Agar hm month me 10 lakhs se jyada earn krte hai toh kya hme har mahine tax bharni hoti h

[@CAKushalSoni]

No

[@ranisahana6204]

@@CAKushalSoni thanks sir

[@vellaarjun6404]

Regarding Tax Audit, As per section 44AB the threshold limit, for a person carrying on business, is increased from Rs. 1 Crore to Rs. 10 crores in case when cash receipt and payment made during the year do not exceed 5% of total receipt or payment, as the case may be. In other words, more than 95% of business transactions should be done through banking channels. Now my f&o turnover is 1 cr 50 lac and I incurred loss of 4 lac , Since I do all transactions online I should not be eligible for tax audit as per above 10 cr clause right? But my CA is going for tax audit. Kindly help to clarify how tax audit is applicable to me if my turnover is below 10 cr and all transactions are online digital? Is there further and clause for tax audit eligibility which is causing me to go for tax audit?

[@CAKushalSoni]

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[@mj-bb]

Vella Arjun, I thought of this as well. What was the end conclusion for this scenario ?

[@mera_cartoon]

Sir 10 cr limit only for receipts not turnover. If yr business turnover over 2 crore u r eligible for audit other declare profit over 8 percent

[@TheMotorman1981]

Basically 5% threshold is on total cash inflow and cash outflow..It would include sales receipts, purchase and expenditure payments. It would also include past year payments when received.

[@CAKushalSoni]

Yes

[@ABHISHEKSINGH-to6qk]

5% is on total turnover & not total receipt/payment

[@CAKushalSoni]

Yes, you are correct, it is 5% of total receipt which form part of turnover.

[@SameerKumar-ch3mn]

If I m filing return by applying the section 44AD in PFY, Now t/o exceeds 2 crore everything in 5% permissible limit, whether in FY 20-21 we can take benefit of this 10 crore, if yes, whether due to section 44AB(e) audit is required.

[@CAKushalSoni]

In FY 20-21 Yes, you can take benefit of Rs 10 crore limit.

[@DigitalVirally]

Dear sir thanks for excellant information on audit topic awction 44AB. in Last 2 year, I filed under section 44AB audit. FNO loss was 2-3 lakhs and turnover more than 5 Cr, in current also turnover more than 5 cr, loss 2.5 lakhs , their is no single cash transaction. So should i have to go for audit or not ?? please reply

[@CAKushalSoni]

Audit may not be require in your case. For more information on this write to us at [e-mail]

[@gauravgupta8094]

148A will be given to assessee by jurisdictional ITOs or NFAC ITOs

[@gauravgupta8094]

IS ITAT has become faceless like income tax or one can appeal, offline, in jurisdictional ITAT Sir, it has become totally impossible to deal with FACELESS AO, they do what whey want

[@CAKushalSoni]

1. Law is amended for faceless ITAT but it not yet operational and not yet notified. 2. Faceless assessments are need to be handles with utmost care and caution, its better to hire expert for faceless assessment.

[@gauravgupta8094]

@@CAKushalSoni Before faceless assessment , also CA Argue with dept and the ITO with physical presence , now CA cannot appear in front of any authority. I don't know why dept has special attraction towards section 68. This section has to apply with very caution and by only higher authorities in rarest of rarest cases but dept/ITO always try to strive towards section 68. Why sir?

[@CAKushalSoni]

@@gauravgupta8094 because of Section 115BBE read this Section 115BBE you will get to know the reason.

[@gauravgupta8094]

@@CAKushalSoni I already read , but before applying 60 percent tax + surcharge + penalty , dept has to think twice that what is the real income of assessee and capacity to pay, but instead of applying this section very carefully , they are applying this section on almost all assessees

[@SameerKumar-ch3mn]

second I m beg to differ from your opinion that while calculating 5% limit turnover * 5% it is not criteria, it is of total limit imv.

[@Bhaiyoaurbehno]

Amazing content

[@CAKushalSoni]

Thanks !! Subscribe to channel and stay connected

[@JaySomnath99]

પાછલા વર્ષે ન પૈસા હોય તે કેશ માં આવ્યા હોય એને પણ કેશ ને 5 % ની અંદર ગણવા કે ચાલુ વર્ષ ના જ

[@CAKushalSoni]

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