IF TURNOVER CROSS 1CR AUDIT
This query is : Resolved
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%)
17 July 2023
Continue with presumptive assessment u/s. 44AD, no tax audit liability.
17 July 2023
What is the nature of business entity...??? individual or company
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.
19 July 2023
Thanks a lot for ALWAYS PROMPT REPLY! SIR
19 July 2023
You are welcome.
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