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I need accurate answers from Indigo learn tutor's

Direct Taxation

according to section 44 AB tax audit how to show the profit percentage actually what is the rules of this section particularly .. ......Mrs Lakshmi Lal jain a wholesale silk seller Turnover RS 1.5 crore cash receipt RS 5 lakh cash payments RS 2 lakh bank transaction RS 1 lakh here how to declare my profit percentage as section 44 AB of tax audit Query : is it mandatory to show below of 5%??? please I need a calculation in practically

MPR Sanjay Kumar

CA Inter

★ 530

07-Mar-23 20:03

519

Answers (7)

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Varun Mulay

CA Final

★ 39K+

07-Mar-23 20:05

Varun Mulay

Send full question

I sent already full question friend

Thread Starter

MPR Sanjay Kumar

CA Inter

★ 530

07-Mar-23 20:05

It is mandatory to show total cash payments less than 5% of total payments AND Total Cash Receipts less than 5% of total receipts, so that a business doesn't require any tax audit upto Rs 10 Crores

Varun Mulay

CA Final

★ 39K+

07-Mar-23 20:11

Varun Mulay

It is mandatory to show total cash payments less than 5% of total payments AND Total Cash Receipts less than 5% of total receipts, so that a business doesn't require any tax audit upto Rs 10 Crores

Up to 10 crore no need means

Thread Starter

MPR Sanjay Kumar

CA Inter

★ 530

07-Mar-23 20:12

Can you plz elaborate and bifurcate bank transaction into bank receipt and payment plz.

Varun Mulay

CA Final

★ 39K+

07-Mar-23 20:12

Thread Starter

MPR Sanjay Kumar

Up to 10 crore no need means

Upto 10 Crores no tax audit compliance if , both conditions stated above are complied

Varun Mulay

CA Final

★ 39K+

07-Mar-23 20:12

Varun Mulay

Upto 10 Crores no tax audit compliance if , both conditions stated above are complied

Which means no need to get books of accounts audited by Chartered Accountants.... But friend how to below 5% I have to show in this case study could you please give me a calculation of that

Thread Starter

MPR Sanjay Kumar

CA Inter

★ 530

07-Mar-23 20:14