I have turnover of 1,22,50,000/- in FY 2021-22. All the transaction are done through bank. Both the payment and receipt in cash does not exceeds 5% of the total payment and receipt respectively.
But my profit arrives at Rs. 4,22,220/- (i.e. less than 8% of gross receipt).
I have not opted for presumptive assessment u/s. 44AD of the act, anytime earlier.
In the above case am I liable to gets my account audited?
CAclubindia
