Mandatory Compliances Services

Business With Turnover Above 1 Crore

Tax Audit is applicable to certain classes which are mentioned under Section 44AB of the IT Act. Thus, as per the regulations of Section 44AB of the Income Tax Act, 1961, following is the list which outlines the classes of people who have to compulsorily follow the income tax audit procedures and get their accounts audited:

  • An individual, HUF and Partnership firm which is engaged in business and the annual turnover of his/her business is Rs.1 crore and above.
  • An individual, HUF and Partnership firm who qualifies for the presumptive taxation scheme under Section 44AD but later claims that the profits for said business is lower than the profits calculated in accordance with the presumptive taxation scheme. This is also applicable in case the income on record is more than the amount which is tax-free or not chargeable for taxation.
  • If the assessee who is qualified under the presumptive taxation scheme but opts out of it after a specified period, he would lose the ability to revert back to the presumptive taxation scheme for a continuous term of 5 assessment years after the decision to opt out is taken.
  • An assessee who qualifies to choose the presumptive taxation scheme of selection under Section 44AE but then claims that the profits for such business are lower than the profits calculated in accordance with the presumptive taxation scheme of section 44AE.
  • An assessee who qualifies to choose the presumptive taxation scheme of selection under Section 44BBB but then claims that the profits for such business are lower than the profits calculated in accordance with the presumptive taxation scheme of section 44BBB.

Why avail Bizpole Services

Bizpole is a leading ITR consulting services platform in India. Our experts can help simplify your Income Tax returns filing with the IT department. We handle Income Tax compliances with authorities and advisory services for all categories.Our charges are only a fraction of the price charged by offline chartered accountants making it cost effective for your business.

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