As per Provision of clause 5 of section 44AD income tax act, whereby a person would be required to get his books of accounts audited if he crosses the maximum amount not chargeable to income tax.
My query is for how long (no. Of years) the person is required to get income tax audit. From the assessment year where he opts not to file ITR 4 ie presumptive business income.
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44AD Presumptive Business discontinued
Replies (4)
The assesse will be liable to audit in the PY in which he crossed the threshold limit of ₹2 Cr.
Audit for exiting from 44AD occurs when T/o exceeds 2 crores. and he cannot opt 44AD for next 5 years
Is audit mandatory u/s 44AD if one's t/o crossed 2 crore and he files itr-4
When turnover crosses 2 crore you are not eligible for 44AD and not for ITR4.
You have to file ITR 3 alongwith 44AB audit
You have to file ITR 3 alongwith 44AB audit
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