Regarding to provisions of 44AB and 44AD


This query is : Resolved 

Quick Summary
If your proprietorship firm's annual turnover is under 10 crore and cash transactions are less than 5%, a tax audit under section 44AB of the Income Tax Act is not mandatory. This means you likely don't need to hire a Chartered Accountant (CA) and can proceed with filing your own income tax returns using the normal ITR form.

12 June 2024 My proprietorship firm doesn't exceed 10 cr annual turnover and my cash transactions are under 5%. Do I need to hire a CA or can I file my own income tax returns?

12 June 2024 Tax audit u/s. 44AB IT act is not mandatory in your case.

13 June 2024 No need for tax audit..you can file normal ITR

07 August 2024 No, Not applicable.


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