Tax Audit Limit u/s 44AB / 44AD / 44ADA for FY 2020-21 / AY 2021-22 as amended by Finance Act, 2021

[@casansaarca]

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[@muditsachdeva6279]

THANKS FOR UPDATING FOR THE TAX AUDIT LIMITS, HOPE IN FUTURE, YOU ALSO HELP ALL PROFESSIONAL TO KEEP THEM UPDATED

[@casansaarca]

Tax Audit Limit for AY 2022-23 / FY 2021-22 (Business & Profession) with Examples. kzbin.info/www/bejne/bpe6pJprmKhkiMU

[@binitthakur3803]

Sahi aur satik jaankari .Aapka bahut bahut dhanyavaad Maam.

[@cashikharakhecha7925]

Regarding six percent rule in Section 44AD: It is not necessary to have complete income in bank. Amount received in bank can be taken @ 6% and balance @ 8%.

[@kuarsahu]

For the below scenario: Taxable income from salary: 12 Lac approx. Short term profit from stocks/MF: 10k Total Turnover (Intraday, Options & Futures): 20 Lac approx. Total Loss (Intraday, Options & Futures): 2.5 Lac approx. 1) Do we need Tax Audit to carry forward current year losses? 2) How long can we carry forward the Intraday, Options & Futures 4yrs or 8yrs. 2) Which ITR do we need to fill and how many years do we need to file the same ITR? 3) Do we need to maintain Books of account? 4) If BOA required then How and how can maintain BOA?

[@alugandulagouthamkumar5409]

Excellent presentation, madam kindly do a video on Account payee cheque, DD, how to identify with bank statement .

[@bushrashaikh6396]

Very nice presentation. I have a query. I am doing tax audit last 10 yrs . Now for 20-21 now my turnover is below 9 crore so can I stop doing audit . My total income is 7 lakhs.

[@ritasingh2089]

Mam in case of penalty 271 it was 1.5 lakh but by mistakely u said 15k.........u explian very well each point👍👍👍

[@nanagarajramakrishnanakama7001]

I highly appreciate your presentation through vedio

[@priyakaushik3072]

Mam somewhere problem in sound quality please consider 🙏

[@santanupanda6958]

Hi In F&O Turnover- 69900 Loss - 29760 Whether I have to do tax audit for loss to setoff/ carry forward. Please reply.

[@shashikantdwivedi2772]

Sec 44AD(a) m previous word likha hua h uska kya meaning h. Kya hm 44AD last year k turnover k basis pr krte h. Aur hm at the beginning of FY m opt krte h ya kabhi bhi opt kr skte h. Aur 44AB ki applicability k liye 1 crore in "any previous year" likha h act m. To iski interpretation ye kaise nikl kr aa skti h ki hm current Wale previous year, jiski hm tax audit Bana rhe h us pr applicable h.

[@mehra8061]

Commission or brokerage income where to show in other Income or PGBP IF up to 5 lacs than ok if 10 lacs and expenses and (net income only 3 lacs )also than how it will treat....

[@kapilsohi3675]

Great video ....plzzz come with some more videos for changes made in Tax .

[@sushantamondal]

I have a partnersip firm having turover 33 Lacs and if I show below 8% of Turnover - Return will not be filed and reqire Tax Audit - What to do ??

[@santoshmangla9283]

Beta bahut achha video tha and aap b bahut achhe lge.

[@deepeshgorsia3315]

44AD extract explanation superb 👍. Just a clarification at 33.04 you said for FY 21-22 tax audit is applicable but in PPT it says not applicable.

[@ganeshkamath5927]

Audit not applicable because TI is below BEL

[@deepeshgorsia3315]

@@shivangimittal9851 Thank you

[@hardikparekh6410]

Pl explain which cash receipts and which cash payments will not be included In 5pc limit pl

[@vivekrao6406]

Total receipt includes capital introduced in cash..??

[@vivekrao6406]

@@shivangimittal9851 thank you....

[@vibhanshushekhar6164]

In your example in FY 20-21 and 21-22 tax audit is applicable u/s 44AB due to section 44AD(4)/(5) then whether limit of 10 crore will applicable or not??

[@vibhanshushekhar6164]

@@shivangimittal9851 Thank you..

[@jasvindersingh8672]

Madam, Is deeming 6% or 8% income compulsory If turnover in f.y 2020.21 is 4 crore and audit is not compulsory under new provisions w.e.f 01.04.2021?

[@adityarustgi6329]

Ma'am credit sale k paisa, itr k due date k baad aya toh uske cash m lena h kya..jaise 44AD m 8% charge krte h?

[@akshayprajapati8175]

Mam what is tax audit limit for individual for AY 21-22??(other than 44AD)

[@amitgusain8339]

1crore

[@shekharshekhar9948]

Man plz explain that it is required to do tax audit in case, of my pvt limited co has zero turnover with no translations in f. Y. 20-21,

[@navneetsuri1329]

Amazing mam very helpful and easily understandable.. Thanku so much

[@parteekmodi7048]

Ye kya ho raa hai ....Finance act 2021 konse financial year par apply hoga ....2020.21 ya 21.22

[@Anilkumar-un3hl]

My F&O turnover is 1crore and actual profit is 15 lakhs. Do I need to pay tax only on 6% ( 6 lacs) income or on 15 lacs as per section 44Ad ? Please advise. Thanks.

[@skjangde5]

Mam Having Indivudual Business and using multiple Accounts And Using many other transactions Also So how to Count a income of 6% and 8% in 44AD and Turnovers is less than 1 Crore

[@amaantalha1036]

Thank u so much mam for great explaination....just one question pls.....suppose my pure intraday turnover is 1.75 crore and actual profit as per P&L is 1.25 crore.....so in this case can i file my ITR in 44AD?? In which i will show my presumptive profit@6% of 1.75 crore turnover which will be 10.50 lacs and pay income tax according to slab.....can i do this mam as per 44AD?????🙏🙏🙏🙏

[@poweroidengineering3358]

Excellent presentation. Can you please inform whether the GST amount that is collected from customer in a B2B transaction, is to be considered in the TO/ Gross Receipt or is it the basic Invoice value(w/o GST) that is to be considered?

[@pratikpatel5204]

Very much understandable

[@ravindrakulkarni6602]

Partnerships firm in business of buildership, invested some money in mutual fund, whether that receipt is covered in business receipt. Transaction of sales and purchases are few.

[@akashagarwal1068]

Thanks for enhancing knowledge 👍 👏

[@nikhildudeja7287]

Fy 2019-20( books not maintained) m 44AD m itr file ki aur FY 2020-21 m turnover 2 cr se uper ho jaye to us case m kya hoga

[@EquityBeta]

Hi respected team of CA sansar, plz work on audio,

[@vivekkhurana4774]

Best 🙏🎉👍

[@bharatyatrikudu]

@@shivangimittal9851 hi mam this suresh I am not done by itr 20-21 possible this time

[@dimpooSharma]

Hello ma'am, very nice explanation! I have a quick query for you on the F&O front, I have turnover for FY20-21 of around 6.5Cr in F&O but have incurred losses in F&O transactions. Could you please provide your input on whether I need to go through the tax audit process. Thank you for your time!

[@saurabhkasat5128]

Hi, Thanks for wonderful presentation Could you please answer few of my queries. According to my knowledge the Finance Act 2021 is applicabe for FY 2021-22. If i am right then why do we consider tax audit 10 crore limit for FY 2020-21. The 10 crore limit shall be considered for FY 2021-22 ? Please help me on this.

[@ishwar264]

We do taxation in AY, based on tax law we have. Amendment applies to tax law in AY 21-22 accordingly PY is 20-21. It is applicable for FY 2020-21.

[@saurabhkasat5128]

No what you are saying is invalid. Please do the following & then confirm again. Open Finance act 2021 original copy from income tax website & see the first page. It clearly states that Finance Act 2021 is applicable for FY 2021-22

[@ishwar264]

@@saurabhkasat5128 I already did the same and referred section 1(2)(a). Last year same issue were there when limit increased to 5 crore. For the reference you can check their notified ITRs for AY 2021-22 wherein they mentioned the limit as 10 crore under Audit Information. www.incometaxindiaefiling.gov.in/eFiling/Portal/StaticPDF/ITR_Notified_Forms/AY_2021-22/ITR-3_Notified_Form.pdf

[@saurabhkasat5128]

@@ishwar264 Yes you are correct, 10 crore is mentioned in ITR. But then whether government has issued any circular for the same ? So whether entire changes in finance act 2021 is applicable for FY 2020-21 or only for this case ? And if it is applicable for FY 2020-21 then how come it is mentioned as FY 2021-22 in Finance act 2021 ?

[@saurabhkasat5128]

@ Ca Sansaar, please make a separate video on this issue.

[@shrikantpise8436]

Maam jo saloon shop Laundry toilr ye sab professional me asyege ya nhi maam

[@adityarustgi6329]

Mutual setoff k case m kya hoga

[@parthgandhi6779]

Thank you so much ma'am, you are true saver :)

[@dineshbilotia7456]

Turn over of 22 lakhs in FY 2020-2021 and net profit 1% . Propritor firm. Is Tax audit us 44AB applicable?

[@mithubaul]

Madam LIC Agent ka income ke uper 1 video banao... Thnx

[@aras0billu]

Very helpful Mam i hav a cc of 1.5 cr bt i availed 1 cr at the end of the yr which one is to be considered for sec 44ad to choose tax adt

[@sudipagarwal4548]

Mam my turnover is 70 lac and income from business 2 lac and salary income 6 lac is tax audit applicable

[@sudipagarwal4548]

Again my turnover is 80 lac and loss from business is 2 lac and salary income 7 lac is tax audit applicable

[@manojbajaj931]

5% cash ka matlab received 5% aur payment 5% ya dono milkar 5%??

[@hiralbenapiya3741]

Good presentation 💖

[@ashap6512]

Hi madam, I have one query whts is the relavant date for refund claim in export of services without payment of tax, we have 2year time to file the refund but not find what is the relavant date for this situation is it from the date of Invoice or from the end of that particular financial year, plz help Thank you madam in advance.

[@DCC845]

Please let me know, is any exempt facility available to declare ITC held in stock in ITC form 3 without Certificate of CA, it is request to you

[@bworldandvlogs6196]

Itr 3 44aa option no selected not taking return give me replay

[@bsingh1009]

Last year I filled under 44AD This year my turnover is 2.4 cr but 95% digital reciepts and 95% payment If I filed with 6/8% net profit whether I am eligible for 44AD for coming years

[@ABHAYGUPTA-qf9yn]

If in FY 2019-20 I opted for 44AD as my turnover was 1.60 cr and showed profit of 8% , In FY 2020-21 my turnover is 5 crore and since I made and received all the payment in bank account with account payee only marked on cheque issued, do I required to get my accounts audited, further in the FY 2021-22 if my turnover remain 1.01 cr then can I opt for 44AD again.

[@BilluMaHaRaJ]

2021-22 itr 4 online kbbbb hoga

[@pankajagarwal8969]

5:30 m clause no e is not correct as per my view.

[@shrikantpise8436]

Mam gst practitioners ke uper video banao na maam

[@binodghosh931]

Very nice.

[@CASiddharthJain]

👍👍👍👍

[@ca.rajuchoudhary7664]

Very nice video

[@gopalkrishananand5609]

Excellent

[@shrikantpise8436]

Thanks maam

[@shrikantpise8436]

@@shivangimittal9851 welcome maam

[@MsDevi333]

Nice presentation

[@hariomconsultant2060]

nice information

[@akarmawahid01]

On combined reading of section 44AA, 44AB and 44AD, my view in case of partnership firm (not LLP) if PGBP income is less than ₹1, 20,000 and T/O is less than ₹10, 00,000 in all the previous years including current PY and never opted for section 44AD and such firm declared income less than 8℅ limit (non-books case) then such partnership firm does not required to go for tax audit u/s 44AB. Is my view correct?

[@akarmawahid01]

@@shivangimittal9851 thanks 😊

[@riteshbaheti7031]

You are confuse at timing 32.40 to 34 as income is below limit tax audit not applicable you write in screen as not applicable buy said it as applicable

[@shrikantpise8436]

Mujhe he hi chahiye tha maam thanks a lot

[@veerakumarayyamasiyavar1409]

HELLO MADAM , 2020 -21 44AB IT RETURN LAST DATE PLZ 💐💐

[@harshithabhandari6605]

What you have taught is not clear. If the t/o is 8 crore then why are you applying 10 crore limit??

[@pramodpati2949]

Sound clarity need to be improved Mam...

[@harshadmisal9155]

Thank you so much..

[@mukeshsinghbankoti470]

Talent with beauty......

[@sudipagarwal4548]

Mam can u please provide pdf ...

[@sudipagarwal4548]

Excellent

[@kaushalraghavcafinalcostcl6405]

Tax audit se jayada to apki smile aachi lag rahi h.

[@SANJAY9668]

Very Informative presentation shivangi. Thanks for the knowledge. Watched almost 4 to 5 videos of your channel today. Im sending you few queries. Will be great if you can revert back

[@koushikmondal6769]

awesome

[@kamalgupta8062]

Good Looking ❤️

[@manjupawar7630]

No 5cr provision

[@Puzzle875]

Beautiful

[@ankitsaraogi9063]

U r pretty ❤️

[@bikashnayak3770]

Voice quality is bad

[@ShaktiSingh-lb7ib]

You Are so cute 😉

[@jogeshjain786]

Very cute

[@bushrashaikh6396]

Very nice presentation. I have a query. I am doing tax audit last 10 yrs . Now for 20-21 now my turnover is below 9 crore so can I stop doing audit . My total income is 7 lakhs.

[@shrikantpise8436]

Thanks maam

[@R___J4321.]

Thx mam