Income Tax AUDIT IS Applicable or not ?

This query is : Resolved

Pankaj (Querist)
Follow

12 September 2024 I am Government civil contractor. In F Y 2023-2024 my turnover i.e contract receipts is Rs 6 cr. Total receipts is received through other than cash mode. Also i have to declared profit at 6% of total contract receipts. I have not filed my ITR before 31 july 2024. I have some query :
1) can i file now my ITR U/S 44AD with declared profit 6 % ?? Income Tax Audit is compulsory or nor ??
2) If I file my ITR u/s 44AD with declared profit 6 % then MSME new provision i.e 15 day or 45 days payment rule will be applicable for sundry creditors or not ????

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

12 September 2024 You cannot opt for presumptive assessment u/s 44AD IT act. as the turnover is 6 Crs.
You can file ITR under normal assessment without tax audit.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok