Audit u/s 44ab of it act, 1961 of an nri for ay 2019-20

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Ashutosh Kumar Jha (Querist)
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02 April 2019 An NRI is earning income from business in India during the FY 2018-19 & his turnover from business is about Rs. 45 Lakh.

Now,
1) Is he liable to get his accounts audited u/s 44AB of IT Acit, 1961?
OR
2) Is he file an IT return for AY 2019-20 u/s 44AD
OR
3) He is liable to maintain accounts only and file IT return without getting his BOA audited u/s 44 AB of IT act, 1961.

Please Help.

Regards

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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03 April 2019 Audit provisions are applicable if his turnover exceeds Rs 1 Crore. 44AD is applicable to residents only.
So the NRI can go with Option 3 as the most appropriate option.

Ashutosh Kumar Jha

Ashutosh Kumar Jha (Querist)
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08 April 2019 Thank you sir for your reply....

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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10 April 2019 It is hoped that the query is resolved.

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