Tax Audit Limits for AY 2022 23 | Sec 44AB | Sec 44AD
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📍Under section 44AB of the Act, every person carrying on business is required to get his accounts audited, if his total sales, turnover or gross receipts, in business exceed or exceeds one crore rupees in any previous year. In case of a person carrying on profession he is required to get his accounts audited, if his gross receipt in profession exceeds, fifty lakh rupees in any previous year. In order to reduce compliance burden on small and medium enterprises, through Finance Act 2020, the threshold limit for a person carrying on business was increased from one crore rupees to five crore rupees in cases where,-
(i) aggregate of all receipts in cash during the previous year does not exceed
five per cent of such receipt; and
(ii) aggregate of all payments in cash during the previous year does not exceed five per cent of such payment.
In order to incentivize non-cash transactions to promote digital economy and to further reduce compliance burden of small and medium enterprises, it is proposed to increase the threshold from five crore rupees to ten crore rupees in cases listed above.
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Whenever I search something I always watch your video only, Bcs the way you teach & Give an examples, You're such a great teacher for those who is learning about account & incometax again thankful🙏
Glad you like it
Sir your teaching is very uniq that your all vidio deeply define so I am seeing all videos .
very useful information. so much confusion was there for audit uder 44 ad now all cleared thanks alot
With effect from 1st April 2021, the threshold limit of Rs 5 crores is increased to Rs 10 crores in case cash transactions do not exceed 5% of the total transactions.
Your teaching very great
Very well explained with so much clarity whereas all other people try to make it vague. A question if a salaried person with salary of 15LPA and in first year of F&O trading with turnover of 3L incurs loss of 1k. Will he be covered u/s 44AA and need to maintain books of accounts? Thanks much!
Shandar sirji
Your explanation
No one explanation as you,
This was really helpful. I was thinking I needed audit for booking loss. Thank you
Great you all aredoing really good work for cimmon mass
received good clarity on tax audit limit. thanks
If one is declaring multiple businesses then each business should have profit > than 6% or total profit of all business turnover should be > than 6%
Sir agar business income ko 44ad mai show kar rahe h to kya
1) if turnover less show kar sakte h as compared to last year ( if no business)
2) and to kya f n o and intraday mai bhi 50% profit show karna hoga instead of loss
3) fno and intraday transaction ko kese show kare for this year( if 44ad)
If any individual is not liable to audit u/s 44AB in FY 22-23 but will be liable to audit in FY 23-24. Then from which FY he is liable to deduct TDS u/s 194C?
I heard a lot of discussion on sec 44ab and AD....but it could have been better in terms for explaining
Sir, does presumptive scheme means -filling ITR 4 and Normal scheme means - filing ITR 3 ?
(As itr3 also has presumptive scheme option)
Subject to the threshold limits given to be fall under the eligibility criteria of ITR 4. If person's Gross receipts or turnover or sales exceeds from the given threshold limit, the person will not be eligible to file ITR 4.
@@SmileWithGeeta.S OK mam...
Great videos👍👌
Sir just need to check, limit for business of 10CR with 5% cash condition, same condition is also there for AY 21-22.
Yes
Fully and finaly vidio very profitable
Turnover is 5 crore (all income and expenses through bank), and I'm declaring a loss; in this case, is an audit compulsory?
In my opinion Tax Audit is not required
1. Since upto Rs.10 Cr. 44AB clause (a) is not applicable in your case.
2. If the assessess had opted for Section 44AD in any of the Previous year, then 44AD(4) gets applicable since Profits less than 6%.
3. But Clause e of Section 44AB in the Current Assessment Year is not applicable since Incomes is below Basic Exemption Limit.
4. However Section 44AB, might be applicable in the upcoming Years if the Incomes is above Basic Exemption Limit.
Hence No Tax Audit for the Current year is required in my opinion.
Sir my total turnover is 1.6 crore but my profit from share trading is 1.5 lakh. I have only share trading.
As u mentioned Sec 44AD assumes 50% of receipts as income, then y are u mentioning 6-8% for 44AD(4)?
What is the basic exemption limit for partnership firm.
If a person used section 44AD for f&o transactions and next financial year he did not do any f&o transaction so he files ITR 2. Is audit compulsory because now there is no business income? Now his income is salary and LTCG and STCG
For a freelancer / contract employee who get income below 50 LPA and who pays income tax using 44 ADA , registering GST is mandatory ?
FY 2021-2022 Turnover = 1.5 Crore (opted 44AD)
FY 2022-2023 Turnover = 2.2 Crore (Not eligible to opt 44ad and declared actual net profit which is 4% of turnover)
A, Whether 44Ad(4) provision applicable during FY 22-23 ?
B, Will I be able to opt 44Ad in next FY 2023-2024 if my turnover is 1.3 crore?
Legal profession me income 7(more than 50 percentage of limit) lacs lacs hai turnover 12 lacs hai
Itr3 file kar sakte hai under normal provisions books of accounts maintain?
Audit provisions applicable?
Thank you sir.
Sir 44AD me standard deduction le sakte hai kya ?? Plz rply
Sir Tax audit me clossing balance of ITC kab tab avail karen
Jaise march month ka GSTR April me file hote to kya ham ITC April month tak lesakte hain plz clarify confusion
Sir if professional opting for normal 44AB,his turnover is less then 50lac and profit is also less then 50% wheater he is liable for tax audit?
Sir my sale is 1.15 crore. All sales pertains to trading in share market mostly in future and option. my income is 1.25 lakh. all transaction are online i may require tax Audit or not.
44ADA missed and also, nothing mentioned about how to fill in the information in ITR 3 from
Seperate video
Thanks sir ji
Welcome
@@FinTaxPro sir ek request he ek video gst join developers agreement per banao na sir
Thank you 🙏🙏🙏
Sir ji tushi great hoo
Aap bhi :)
Thanks Sir !
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 effective , 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 any further clause applied on top of this which makes 10 cr clause void for me?
Have u opted 44ad in any of the previous years? If no, then audit not required.
Sir if in a LLP turnover is Rs6cr. And all transactions is through bank mode are we liable for tax audit in form 3CA AND 3CD ? Please clear this confusion?
Thankyou so much sir
Sir, when a partnership firm pays income tax under 44AD, is the profit share (after tax payment) among partners taxable or not? Please reply.
Taxable
there won't be any tax in the hands of partner according to sec10(2A) because firm has already paid tax on it
I think partners are taxable as firm and partners are treated as separate persons .
If it was sole proprietorship, proprietor and business will be treated as one person .here no need to file return separately.....
Sir.can I file by 44ad method for f&o business if the turnover is less than 2cr?
Sir balance sheet par viedo banaeye na
Sir my delivery trade in equity market is around 4.75CR . My net profit including dividend is around 9lakhs do I need to go for Audit under 44AB
Plz plz guide.
Regards
mera is year mein fno mein 3 cr turn over profit less than 2 % and this is first year for fno so audit applicable or not plz suggest
Sir Please tell me in simple term my turnover is 2 crore profit is 2 lacs ,receipts and payments are 100 percent digital , whether Tax audit is applicable or not.
Tax audit not required but ITR filing is mandatory or not?
Sir hamara first time sale 1cr 16 lac hua hai kya me itr 4 karna hai ya audit please reply sir please
Apka office kha hai kaam tha kuch ...
Sir myself salaried and long term short term gain ,intraday loss minor and f&O loss ,total including charges brokrage exctra in loss for carry forward this loss is tax audit required for me ,total turn over is between 2 cr to 5 cr plz advice sir am on doubt on it
No not required if u have not opted 44ad in previous years
DEAR SIR, PLEASE TELL ME THAT, IS POSSIBLE TO CHANGE FROM INCOME TAX NEW TAX REGIME TO OLD TAX REGIME ANOTHER YEAR ?
TAPAN FROM KOLKATA.
For salaried individuals yes, otherwise No
THANK U SIR
Sir,
ITS MY HUMBLE REQUEST TO YOU CAM YOU SEND ME THE PDF OF INCOME TAX AND GST BARE ACT UPDATE AS PER ALL AMENDMENTS IN PREVIOUS YERA UPDATED.
Sir meesho ke gst return file karna hai aap consultancy services ka kitna charge karte hai...???
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sir meri digital transaction 2 crore hain aur mai 44AB (account maintain) me return file karta hu aur net profit 6% se bhi kam dikhata hu to tax audit hoga kya, please reply me 🙏
Sir audit krna sekhaoo please
Sir could you provide in English language
Hi sir,
I want to clear one doubt regarding tax audit.
I m salaried drawing 8.0 lacs CTC/Annum.
My FnO turnover is around 4.9cr.
and i m in loss of around 6 lacs.
I also have INTRADAY, LTCG and STCG.
To carry forward this loss as per 44 AB, Is tax audit is compulsory for me for AY 2022-2023..?
half-baked
Sir , if my turnover is 75 lakhs( less than 1 cr) in business eligible of 44ad but I have not opted for it and I am claiming 4 lakh profit only ( less than 6 or 8 % ) can I do so or i will be deemed to earned 6 or 8% as my business is eligible..and I have to go for tax audit
Since your turnover is below 1 crore, 44AB is not applicable on you
@@SmileWithGeeta.S mam if there is loss n turnover is 6 crore then 44ab required?
Hello sir, if i opted for 44AD in the year 2017-18 and in 2019-20 i defaulted, then my tax audit will be required for year 2019-20 + next 5 F. Y..??
No need file tax audit. File IT return only. U will allow to setoff loss for ny period
If you declared your profit below the 6% or 8% of your Gross Receipts/ turnover/sales and along with it your total taxable income is more than 250,000 only then there will compulsory Audit under 44AB for 6 years
@@SmileWithGeeta.S Madam I used 44AD for f&o profit. I filed ITR 3 because I have LTCG and STCG and salary. Next year ie 2022-23 I have not done any f&o transaction. Can i file ITR 2? Is audit compulsory?
Sir ji mera ek proprietary business hai...Me drawings ke dwara bank se cash withdrawn karta hu ....to kya ye cssh drawing 5% cash payment me include karenge tax audit ki limit ke liye.....
Nhi
@@caedutank805 Sir ji Thanx ...Lekin humko scrutiny notice aaya tha jisme AO ne kaha ki since law uses term all amount received and payment.... esliye proprietor dwara cash withdrawal jo personal use ke liye drawings purposes se liya gaya usko bhi 5% ki cash limit me add karenge...
Aap nithari se padhe ho??
Ji
Sirrrr... 5-6 baar dekha. But samajh nhi aaya
Complex hai interlinkage thoda
Good morning sir
Sir receipt 1000000. Purchase 1000000. Chahiya ya dono milakar 1000000
Turnover ka matlab kya hota hai
Total sales one year