LIVE GST Certification Course by CA Arun Chhajer begins 27th April. Register Now!!

44AD compound business

02 August 2018

I opted compound scheme Ay 18-19 with a turnover of 75 lakh. on the next year l want to opt out 44ad with a turnover of 80 lakh. Do I have to audit my books of accounts ?

Reply
Follow
Share

6 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160327 Points)
Replied 02 August 2018

Yes........ for next five years !!!

Dithin Mathew (48 Points)
Replied 02 August 2018

but sir Audit compulsory if the turnover crossed 1Crore under 44ab? right ? I am bit confused!!!

Pranjali (intern) (2216 Points)
Replied 02 August 2018

No. You aren't required to get an audit done.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160327 Points)
Replied 02 August 2018

Originally posted by : Dithin Mathew
	but sir Audit compulsory if the turnover crossed 1Crore under 44ab? right ? I am bit confused!!!

Yes, provided you had not opted sec. 44AD in any preceeding year (for at least five continuous years)

1 Like

Dithin Mathew (48 Points)
Replied 02 August 2018

Pranjali I agree with you. confusion is still retaining!!! can you show any notifications something like that.

Sarath Rajendran (Nil) (2791 Points)
Replied 04 August 2018

on the next year l want to opt out 44ad with a turnover of 80 lakh. Do I have to audit my books of accounts ?

You can opt 44 AD if your turn over is 80 lakh in the FY 2018-19 no need for Audit as per incme tax

Tax audit for Business

1. If total sales, turnover or gross receipts exceeds Rs. 1 Crore in any previous year, in case of business; or

Note: Provided that this section is not applicable to the person, who opts for presumptive taxation Scheme under Section 44AD and his total sales or turnover does not exceed Rs 2 crores.