An assessee being a Doctor carrying on Medical Profession as well as Trading activity. In the Financial year 2018-19, the assessee is having turnover of Rs. 58,00,000/- from trading activity and Gross Receipts Rs. 48,00,000/- from Medical Profession. The Aggregate of turnover/ Gross receipts is Rs. 1,06,00,000/-.
In the Asst. year 2017-18, the assessee has opted for Presumptive Income and later on in the Asst. year 2018-19, the assessee has opted out of Presumptive Income by declaring profits above 8% in case of business having turnover Rs.38,00,000/- and profits above 50% in case of Medical Profession having Gross Receipts of Rs. 49,00,000/-. Thus the aggregate Turnover for the Asst year 2018-19 is Rs. 87,00,000/- .
Does the assessee is required to get his books audited for the Assessment year 2019-20 where the aggregate turnover exceeds Rs. 1 Crore.
02 December 2019
1. Profession has to be audited if gross receipts > 50 lakhs and Trading has to be audited irrespective of turnover, Inference - 44 AB(b) and 44AD(5).
2.Profession has to be audited if gross receipts < 50 lakhs as well as profit < 50% of gross receipts and Trading has to be audited irrespective of turnover, Inference - 44 AB(d) and 44AD(5).
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