There is a person doing business and he was filing income under 44AD as the turnover is less than 2 Crores. And for the current FY 22-23 his turnover is more than 3 Crores. Can i file the ITR returns without Audit as per the new las of 5CR.
If Audit is not applicable then in which ITR we have to file can we take the Income in 44AD only???
SIR
ASSESSEE HAS TURNOVER OF RS. 80.00 LAC IN TRADING BUSINESS AND HAS RECEIVED COMISSION OF RS. 40.00 LAC FROM OTHER BUSINESS. THE QUERY IS -1. IF AUDIT IS APPLICABLE BECAUSE TURONVER HAS CROSSED 1.00 CRORE. OR
2. INCOME CAN BE DECLARED UNDER 44AD FOR TRADING BUSINESS AND FOR COMISSION INCOME BOOKS ARE MAINTAINED. AND ITR 3 CAN BE FILED WITHOUT AUDIT.
DEAR SIR,
ONE OF MY CLIENT IS PARTNERSHIP FIRM ITS TURNOVER LESS THAN 10LAKHS MEANS 6,77,892/- IN THIS SITUATION SHOULD WE FILE TAX AUDIT U/S 44AB, BECAUSE ONE OF MY CLIENT IS ITS PARTNER HIS IT RETURN SHOULD BE FILED, BUT THE FIRM DID NOT FILE ITR NOW CAN WE FILE AFTER FIRM'S ITR FILING THE INDIVIDUAL SHOULD BE FILED BEFORE JULY
WHAT TO DO
REGARDS
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