Applicability of audit under sec 44ab

301 views 1 replies

ONE OF MY CLIENT -INDIVIDUAL  HAS TURNOVER OF RS 20 LACS (TOTAL OTHER THAN CASH) IN FY 18-19

HE DECLARES PROFIT BELOW 6% 

HIS TOTAL INCOME IS LESS THAN BASIC EXEMPTION LIMIT

HAS NEVER EXERCISED THE OPTION U/S 44AD IN PAST

IS IT COMPULSORY FOR HIM TO EXERCISE OPTION U/S 44AD OR ITS OPTIONAL?

IS AUDIT US 44AB REQUIRED IN THIS CASE?

Replies (1)
in case he opts 44AD then minimum 8 and/or 6% profit to be declared. Below this percentage Audit is compulsory.
if you do not opt 44AD then File ITR 3 and no audit required

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 24 June 2026
HEAD - AUDIT AND TAXATION

A R JADHAV AND ASSOCIATES

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 30 June 2026
2 posts Article assistant and Articleship completed students

Chirag N Shah & Associates

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 30 June 2026
Article Assistant or Paid Assistant

VIKAS VERMA & CO

New Delhi

Others

View Details
Company
06 July 2026
Chartered Accountant (Indirect Taxation)

Gowra Ventures Pvt Ltd

Hyderabad

CA

View Details
Company
11 July 2026
CA semi qualified

Vakilsearch.com

Chennai

CA Inter

View Details
Company
29 June 2026
Accountant (Finance & Compliance)

TRIEYEZ

Kolkata

CA

View Details
Company
29 June 2026
ACCOUNTANT

SANDEEP AASHISH & CO

Araria

B.Com

View Details
Company
24 June 2026
Chartered Accountant

CA Darshita Shah & Co

Nadiad

CA

View Details