3CD Due Date is 30.09.2024 and ITR Due Date is 31.10.2024. In 3CD Clause 8a, suppose it is mentioned, say, 115BAC, but Old Regime may be followed in ITR, if Old Regime is found beneficial that time, i.e., after 30.09.2024. So, this Clause reporting and ITR may result into contadiction qua this option. Please gice your feedback.
A partnership firm has turnover of Rs 6 Cr from Business activity in the P,Y & its aggregate receipts & payments in cash does not exceed 5 % . If the Income declared is @ 5 % of total turnover , would Tax Audit would be required or can opt for normal filling ? The firm had availed 44AD in the fin year 2018-19 .
Sir In case 44AD(4) Applicable and INCOME exceeds Basic Exemption Limit then 44AB apply. My Question is word INCOME is 'Gross Total Income' or 'Total Income' after Ch VIA deduction??
Hello Sir First of all very thank you for such a informative video. I have one doubt, Assessee has turnover of Rs 1.8 crores in FY 22-23, opted 44AD and declared income @ 8% of turnover. In FY 23-24, the same assessee had turnover of 3.2 Crores, total cash receipts and payments is less than 5%. He has an income of 8% of turnover in FY 23-24. Is tax audit compulsorily applicable to him or he can simply file the buisness ITR without getting tax audit done. Plz advice
In FY 23-24 Turnover below 1 cr 44 AD opted 6% shows In FY 24-25 Turnover 1.30 cr 44AD not opted but shows profit 6.5% ( 5% criteria satisfied) Can assessee opt 44 AD in FY 25-26 if turnover less than 1 cr and 5% criteria fulfill ???
In FY. 24-25 44AD not opted as you are not eligible due to turnover crosses 1 crore, than you can opt for 44AD in FY 2025-26. However, if you have not opted in FY 24-25 eventhough you are eligible, than you can not opt for 44AD for next 5 years and audit would be compulsory.
It's was well explained
THANKS
3CD Due Date is 30.09.2024 and ITR Due Date is 31.10.2024. In 3CD Clause 8a, suppose it is mentioned, say, 115BAC, but Old Regime may be followed in ITR, if Old Regime is found beneficial that time, i.e., after 30.09.2024. So, this Clause reporting and ITR may result into contadiction qua this option. Please gice your feedback.
A partnership firm has turnover of Rs 6 Cr from Business activity in the P,Y & its aggregate receipts & payments in cash does not exceed 5 % . If the Income declared is @ 5 % of total turnover , would Tax Audit would be required or can opt for normal filling ? The firm had availed 44AD in the fin year 2018-19 .
Assessee not eligible ubder 44AD and T/o for 44AB Tax Audit more than 10 cr. Therefore tax audit not required and normal filing can be done.
Sir In case 44AD(4) Applicable and INCOME exceeds Basic Exemption Limit then 44AB apply. My Question is word INCOME is 'Gross Total Income' or 'Total Income' after Ch VIA deduction??
Gross income before Ch VI A deduction
Hello Sir
First of all very thank you for such a informative video.
I have one doubt, Assessee has turnover of Rs 1.8 crores in FY 22-23, opted 44AD and declared income @ 8% of turnover.
In FY 23-24, the same assessee had turnover of 3.2 Crores, total cash receipts and payments is less than 5%. He has an income of 8% of turnover in FY 23-24. Is tax audit compulsorily applicable to him or he can simply file the buisness ITR without getting tax audit done. Plz advice
In FY 23-24, as turnover is 3.2 crore, neither covered under 44AD nor in 44AB, hence tax audit not applicable
In FY 23-24 Turnover below 1 cr 44 AD opted 6% shows
In FY 24-25 Turnover 1.30 cr 44AD not opted but shows profit 6.5% ( 5% criteria satisfied)
Can assessee opt 44 AD in FY 25-26 if turnover less than 1 cr and 5% criteria fulfill ???
In FY. 24-25 44AD not opted as you are not eligible due to turnover crosses 1 crore, than you can opt for 44AD in FY 2025-26.
However, if you have not opted in FY 24-25 eventhough you are eligible, than you can not opt for 44AD for next 5 years and audit would be compulsory.