02 August 2023
There is a person doing business and he was filing income under 44AD as the turnover is less than 2 Crores. And for the current FY 22-23 his turnover is more than 3 Crores. Can i file the ITR returns without Audit as per the new las of 5CR.
If Audit is not applicable then in which ITR we have to file can we take the Income in 44AD only???
02 August 2023
He can file ITR without audit if his cash receipts as well as cash expenditures are less than or equal to 5 % of total receipts and expenditures respectively. Otherwise, tax audit will be applicable. He can file ITR 3 under normal assessment.
CAclubindia
