If your business turnover was 1.7 crore in FY 2018-19 and required an audit, but dropped to 30 lacs in FY 2019-20, you may be able to opt for Section 44AD. Declaring an 8% profit and filing under ITR 3 should avoid the need for a formal audit. This is generally preferable to ITR 4, which is specifically for presumptive income schemes.
18 November 2020
Dear sir, In fy 2018-19 turnover was 1.70 crore and had audit. Now in fy 2019-20 turnover is only 30 lacs, whether can opt section 44AD or had go for audit?