IF TURNOVER CROSS 1CR AUDIT

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An individual's turnover has exceeded 1 crore AUD (excluding GST) for AY 2023-24, previously filing under Section 44AD. They are seeking advice on whether to proceed with a tax audit or continue with the presumptive assessment scheme, especially given cash expenses exceeding 5%. The consensus is to continue with 44AD as there's no mandatory audit liability.

VIKAS KUMAR SHARMA

VIKAS KUMAR SHARMA (Querist)

17 July 2023 turnover Rs 1.10 cr (without gst) including gst Rs 1.16 cr for ay 2023-24 in previous year continue filing ITR 4 under US 44AD. Should go for audit or continue with 44AD (cash expense more than 5%)

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

17 July 2023 Continue with presumptive assessment u/s. 44AD, no tax audit liability.

RAJA P M

RAJA P M (Expert)

17 July 2023 What is the nature of business entity...??? individual or company

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

19 July 2023 As ITR for preceding year is filed under sec. 44AD IT act, so the assessee is eligible for the presumptive assessment. It would be always preferable to continue the trend for at least next five years.

VIKAS KUMAR SHARMA

VIKAS KUMAR SHARMA (Querist)

19 July 2023 Thanks a lot for ALWAYS PROMPT REPLY! SIR

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

19 July 2023 You are welcome.

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