Go AD-Free with CAclubindia Pro and Daily WhatsApp Updates. Subscribe Now!

Audit Required ITR3

346 views

Save Share

Vaneet Monga

Private

265 Points Posted on 03 December 2023

Sir,

A person started business FY 2022-23 Turnover Rs 60 Lacs NP 6 Lacs. in above case audit required or not
(2) If he don't want to avail the benefit of presumptive income section 44AD can he eligible to file ITR3 with balance sheet and PNL account. proper books of accounts Maintained.

please suggest

Replies (2)

Quick Summary

This discussion clarifies whether an audit is required for a business that started in FY 2022-23 with a turnover of Rs 60 Lacs and a net profit of Rs 6 Lacs. It confirms that if proper books of accounts are maintained, the individual can file an ITR3 with a Balance Sheet and P&L account, even if they choose not to avail presumptive income under Section 44AD.