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2020.21 audit regaring
in 2020.21 our turover 95 lack but net profit was less than 8 percent approx 6.05 percnt so we completed audit now 21.22 our net profit 12 percent so wat can i do ....
Replies (4)
Quick Summary
In case of Individuals or HUF, If the audit was carried u/s. 44AB(e) of IT act, you need to file tax audit report for next 5 years, mandatorily.
Any other option
No option other than getting your books of accounts audited as once you opt out of 44AD you can't opt it for next 5 years
Check if the presumptive assessment u/s. 44AD was wrongly opted. if so, write about it to ITO for modification.
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