Audit Applicable or Not.

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TAX PRACTITIONER
293 Points Posted on 05 September 2022
Respected sir,
My client Had Audit For the Ay 2017 - 18 And after the Ay Year 2018-19,2019-20, 2020-21, & 2021-22 he opts 44Ad and Now he wants to Audit for the Ay year 2022-23.can he applicable for audit for 2022-23
Plz guide me.
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On 05 September 2022 at 17:01 Report
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Quick Summary
This discussion clarifies whether a client who previously used Section 44AD can opt for a tax audit for the AY 2022-23. While it's possible to undergo an audit, doing so means they cannot claim the benefits of Section 44AD for the next five assessment years. The key point is that opting out of Section 44AD necessitates a compulsory audit for the subsequent five years.

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Chartered Accountant
86505 Points Posted on 05 September 2022

Yes he can do so but he cant opt for 44AD in next 5 years.

5 Reply
On 05 September 2022 at 22:44
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TAX PRACTITIONER
293 Points Posted on 06 September 2022
But sir not complete 5 years for 44Ad from ay 2017-18 for continues 5 years
1 Reply
On 06 September 2022 at 12:13
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Chartered Accountant
86505 Points Posted on 06 September 2022
You can opt out from Sec 44AD any time but once you opt out means you go for audit then you have to get your books audited for next 5 years.
3 Reply
On 06 September 2022 at 22:14

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