Tax audit requirement
Querist : Anonymous
He maintains most elementary record to arrive at profit like fee receipts/ expense vouchers for major expenses and banks all his receipts on daily or twice a week. Expenses are by cheque or credit card. Annual profit is worked out based on these records.
He files his tax return providing details of his gross income/ expenses / depreciation etc, does not opt for sec 44ada (presumptive income), files ITR4 but his net profit comes below 50% of gross income. Is it mandatory for him to get accounts audited and file tax audit report? He is below tax audit limit as his gross income is only 20 lakhs?
Querist : Anonymous
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