Sec 44AB
This query is : Open
M.M.SURANA
(Querist)
25 January 2021
Dear Expert
One of my client wad having TO less than 2 Crore and opted 44 ad for the AY 2019-20 as in continuation for the 3rd year . During the FY 2019-20, he crossed 2 Crore and increased to 2.68 Crore and he has Receipts as well as payment more than 95% in digital mode , pl suggest me, is necessary to get accounts audited u/s 44AB for the AY 2020-21 since limit has been increase to 5 Crore for digital mode
One of my client wad having TO less than 2 Crore and opted 44 ad for the AY 2019-20 as in continuation for the 3rd year . During the FY 2019-20, he crossed 2 Crore and increased to 2.68 Crore and he has Receipts as well as payment more than 95% in digital mode , pl suggest me, is necessary to get accounts audited u/s 44AB for the AY 2020-21 since limit has been increase to 5 Crore for digital mode
CA Rashmi Gandhi
(Expert)
26 January 2021
No audit is not compulsory here.
As per Sec 44AB, where aggregate of all amounts received including amount received for sales, turnover or gross receipts and aggregate of all payments during the previous year, in cash, does not exceed five per cent of the said amount, then no need to conduct audit UPTO 5 CRORE.
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