Tax Audit

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This discussion clarifies tax audit obligations for businesses. If your turnover has decreased and you previously opted out of presumptive taxation under Section 44AD, you may still be eligible to file using presumptive tax at an 8% profit margin. It's not mandatory to file tax audit returns for five consecutive years. The correct Income Tax Return (ITR) form, whether ITR3 or ITR4, depends on your previous year's filing choices.

SRIKANTA

SRIKANTA (Querist)

17 November 2020 Sir Last fy 2018-19 my turnover 87 lakh and filed tax audit return and shows @5% profit, but this fy 2019-20 is turnover decreased to 61 lakh and slab is also 5 lakh nil can file presumptive us 44ad @ 8% profit. is it mandatory to file five year tax audit. Can i file with out tax audit
Sir Which Form Itr3 Or Itr4
Last Year I filled with tax audit itr 3

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

18 November 2020 It's not mandatory to file five years tax audit. File ITR with 8% profit without opting 44AD in case you have opted out from 44AD in the previous year.

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SRIKANTA

SRIKANTA (Querist)

18 November 2020 Sir Which Form Itr3 Or Itr4
Last Year I filled with tax audit itr 3

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

18 November 2020 File ITR 3 if you have opted 44AD year before last year.

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