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Tax Audit

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(Querist)
12 July 2020 Turnover of a businessman is less than Rs 1 Cr(Rs 86 lac). He doesn't want to opt for sec 44AD as his profit from the business is less than 8 % (Rs 4 lac aprox).
Same is the case for one of the doctor who runs a homeopathy clinic and has a turnover of approx Rs 26 lac and has net profit approx Rs 8 lac and doesn't want to opt of sec 44ADA

Are they both required to maintain books of accounts and get those audited from a CA..?
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c.bakshi

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c.bakshi (Expert)
13 July 2020 FILE ITR - 3, NO NEED TO DO AUDIT OF THE FIRM
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
05 November 2021 1. In first case ...yes only if sec. 44AD was opted in any preceding years.
2. In second case, even if sec 44ADA not opted, 50% profit margin mandatory; otherwise tax audit mandatory.
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