Forms Of Carrying On Business: Fill & Download for Free

A person is required to get his books of accounts audited by a Chartered accountant as per provisions of section 44AB if he satisfies any of the following conditions:If the person is carrying on the business and his Total Sales exceeds Rs. 1 Crore.If the person is carrying on profession and his Gross Receipts exceed Rs. 50 Lakhs.If the person claims lower profit than the profits and gains deemed under section 44ADA, 44AE, 44BB and 44BBBperson carrying on small business and attracted by provisions of section 44AD(4) and income exceeds the basic exemption limit.Additional pointsif such person is required to get his account audited under any other law, then he only need to furnish such audit report in the form prescribed under this section.If assessee carrying on more than one business, the aggregate sales, turnover of all business carried on would be taken into consideration for limit of Rupees 1 croreIn computing the monetary limits of section 44AB, the gross receipts or the income from business covered by section 44AE should be excludedWhere the assessee carries on both business and profession, and if the gross receipts exceeds 1 crore in case of business or rupees 50 lakh in case of profession, then assessee will be subjective provisions of section 44AB with respective gross receipt from both business as well as professionIf an assessee opt for presumptive taxation under section 44AD, then the provisions of section 44AB shall apply only if the gross receipt exceeds Rupees 2 crore.

First things first, ‘What Tax Audit does really mean’?A Tax Audit is an examination of one’s Tax Return to verify that one’s declaration of income and deductions are accurate. In India, Tax Audit is compulsory under the Income Tax Act (if only the total turnover exceeds the prescribed limits). Generally, it is conducted by the Chartered Accountant appointed by the person itself.Secondly, we should also know ‘What is the prescribed limit for a Tax Audit’?₹ 50 Lakhs – for Carrying on the profession.₹ 1 Crores – for Carrying on business (if not opting for presumptive taxation scheme).₹ 2 Crores – for Carrying on business (if opting presumptive taxation scheme U/s 44AD).After GST, if a taxpayer’s annual turnover crosses the aforesaid limit, Tax Audit (audit of accounts) has been termed mandatory in India.N.B. A Tax Audit report in the prescribed form, certified by a practicing Chartered Accountant should be furnished by September 30 in the prescribed forms (i.e. 3CA/ 3CB/ 3CD).Penalty against not getting the Accounts AuditedThe Taxpayer who fails to get himself audited as required by the GST Act, shall be liable to bear a penalty of ₹10, 000 or 10% of the taxable amount, (whichever will be higher). Moreover, this amount against penalty is then added to the total payable tax amount. (The case of tax evasion under GST penalties would be applicable here).So, we can say that those days are gone when bribery and tax evasion was an open secret; today GST has channelized the entire tax system in a transparent and systematic way.Hope This Helps You!!

I was completing hiring paperwork with a new employee, when it came time to fill out the I-9 form, I asked for two forms of ID or a Passport. He opened his wallet and pulled out a driver’s license. The man was almost completely bald and the picture on the driver’s license showed a man with a full head of hair, I looked closer and noticed that it was expired. I told him that the forms of ID had to be current. He said that was no problem, and he pulled out a second driver’s license, ALSO expired. I told him, no worries, just bring it in tomorrow. He said “Oh no, I have it here”, By this time he had a mountain of gift cards, gas cards, credit cards, reward cards and business cards sitting in front of him. Finally he pulled out a third driver’s license. It wasn’t expired!!!!! VICTORY!!!! I also want to state that in Pennsylvania you must renew your driver’s license every four years, so he had 12 (ish) years of driver’s licenses that he carried around with him at all times?!?! I didn’t fire him, but I instantly regretted hiring him and he didn’t last that long after that.