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44AD compound business
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 ?
Replies (6)
Yes........ for next five years !!!
but sir Audit compulsory if the turnover crossed 1Crore under 44ab? right ? I am bit confused!!!
No. You aren't required to get an audit done.
| 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)
Pranjali I agree with you. confusion is still retaining!!! can you show any notifications something like that.
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.
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