Audit u/s 44ab of it act, 1961 of an nri for ay 2019-20
This query is : Resolved
Ashutosh Kumar Jha
(Querist)
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
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
(Expert)
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.
So the NRI can go with Option 3 as the most appropriate option.
Ashutosh Kumar Jha
(Querist)
08 April 2019
Thank you sir for your reply....
CA PARAS BAFNA
(Expert)
10 April 2019
It is hoped that the query is resolved.
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