Audit or 44 AD

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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?

19 November 2020 Declare 8% profit file ITR 3 no audit required.

25 November 2020 itr 3 or 4 ? as itr 4 meant for presumptive income.

25 November 2020 File ITR 3............


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