Sure, we are looking into it
Hi,
My turnover is 6.5 Cr (99.5% non-cash transactions) which is less than 10 Cr for permissible cases. Profit is 10 Lakh. Do I need to get audit done? I read that audit is mandatory if taxable income less than 6% of turnover?
I have net income from salary about 5.5 lacs per anum whereas, the F&O transactions is about 49 lacs (with a loss of about 1.6 lacs). Do I need to file Audit report? Please refer DAQ of Income Tax department. Please help.
Hey @Surabhi_Choudhury @Indranil_Chowdhury,
Tax Audit is applicable u/s 44AB if
- Turnover > 10Cr or
- Turnover < 2 cr
2a) Profits < 6% of turnover
2b) Taxable Income above basic exemption (2.5 lacs)
2c) opted out of the presumptive scheme in the preceding 5 years
Here’s an article that you might find useful
Thanks. This is helpful. A further query:
If the turnover is 6 Cr in AY 23 and may have a loss,
Turnover was 1 Cr in AY 22 and person opted for presumptive taxation at 6%.
Will audit be applicable for FY 23?
My understanding: The criteria says no as turnover this year is above 2 Cr and below 10 Cr. So the fact that person opted for presumptive taxation in the last year is irrelevant.
Kindly confirm this understanding is correct?
Hi Team,
I have income from salary and FNO losses. The Turnover falls < 25 Lakh and losses are <=6%. So, In this case tax audit is applicable. My query is that what if I choose to opt-out during filing? If I need to opt-in the audit, then what will be the minimum fee I have to pay to CA. If Quicko can help in this matter.
Alok
Tax Audit is applicable u/s 44AB if
Turnover > 10Cr or
Turnover < 2 cr
2a) Profits < 6% of turnover
2b) Taxable Income above basic exemption (2.5 lacs)
2c) opted out of the presumptive scheme in the preceding 5 years
However, it is up to the user to opt-in or opt-out of tax audit. Incase you need assistance with tax audit, you can write to us at help@quicko.com and our team will get in touch with you for the same
Mail Sent with details and further queries. Thanks.
Hey, if turnover is between INR 2crore and INR 10 crore, tax audit will not be applicable.
Do you guys have CAs for tax audits? Have crossed basic exmp limit of 2.5lkhs and have some f&o losses need a tax audit.
If you do provide tax audit services how to avail them?
Hey, can you please write to us at help@quicko.come with your requirements and our team will get in touch with you for the same
Do you guys have CAs for tax audits? Have crossed basic exmp limit of 2.5lkhs and have some f&o losses need a tax audit.
If you do provide tax audit services how to avail them?
in my case auditing is required. Transaction in F&O. How to get it done
Hey, can you write to us at help@quicko.com with your requirement and our team will get in touch with you regarding the same
my total turnover of F&O is around 20.5 crore but the total profit is only 2.4 lakhs, and my total income is also below 5 lakhs.
do I need to get an audit done.
hello,
My turnover for ay 22-23 is above 1cr and my net losses are 1L
while filing the tax i can opt out of tax audit under 44ab although the quicko recomndation is that i get a tax audit
if i choose to opt out of the tax audit is my income filed under presumptive income? 44AD?
No, if you choose to opt-out of tax audit on Quicko, your income will still be filed as normal business income and not not presumptive income
Hey, Tax Audit is applicable u/s 44AB if
1)Turnover > 10Cr or
2)Turnover < 2 cr
2a) Profits < 6% of turnover
2b) Taxable Income above basic exemption (2.5 lacs)
2c) opted out of the presumptive scheme in the preceding 5 years
You can read more about it here:
these all conditions should meet ? or any 1 out of these ?
Hey, all the conditions need to be satisfied to inorder for tax audit to be applicable