Tax_Noob (Taxpayer) (39 Points)
23 June 2023I'm a freelance software engineer, my gross receipt crossed 50 lakhs in FY23. Do I need audit for FY23. OR i only need audit for next FY (FY24) if my gross receipt cross 50 lakh in FY23. Rules are kinda confusing, so need some clarification.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160574 Points)
Replied 23 June 2023
Rules are very much clear, the tax audit u/s. 44AB IT act applies for the same Financial Year when your professional turnover exceeds Rs. 50 lakhs. It is different matter that the relevant Assessment year will be the next.
sabyasachi mukherjee
(26169 Points)
Replied 25 June 2023
CAclubindia
