Tax audit applicability for AY 2020-2021

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If your turnover is £1.9 crore and you're filing under Section 44AD for AY 2020-2021, a tax audit under Section 44AB is generally not applicable. This is provided you meet all the conditions for the presumptive taxation scheme. Even if your receipts are entirely in cash, as long as you opt for and qualify for Section 44AD, the audit requirement is waived.

Ajit Gelada

Ajit Gelada (Querist)
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26 July 2020 I mr A having turnover of 1.9CR filling return under section 44AD is audit applicable to me ?
But my reciepts from sale are totally in cash what shall be the applicability for audit under sec 44AB ????

CA Raj Doshi

CA Raj Doshi (Expert)
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26 July 2020 For FY 2019-20 AND FY 2020-21 You are not liable for audit because you are covered under 44AD and offering income as per that scheme and also satisfying all conditions.

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RAJA P M

RAJA P M (Expert)
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29 July 2020 TAX AUDIT NOT APPLICABLE IF YOU ARE OPT TO FILE U/S 44AD..
NOTE, CHECK OUT THE CONDITIONS IF YOUR BUSINESS (& ASSESSEE) IS ELIGIBLE U/S 44AD THEN YOU CAN GO TO FILE ITR UNDER PRESUMPTIVE TAXATION SCHEME AS PER ABOVE SAID TURN OVER...

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