Audit under 44ad

if you chose to go with 44AD its been contiunue for 5 years.. as per your information if for 2017-18 your income is less than 8% then its not the case of 44AD. in order to fall under 44AD ur profit should be 8% of turnover provided ur turnover is less than 2 crore

Hello, since you have opted out of the presumptive income scheme in P.Y. 17-18 you will not be eligible to claim the benefits under this scheme for subsequent years. further as per Sec-44AB it is mandatory for persons carrying on business to get their books of accounts audited if their turnover exceeds 1cr. since turnover in the FY 18-19 has exceeded 1 cr you are required to get your books of accounts audited for FY18-19

LIMT OF 1CR HAD BEEN EXCEED TO 2CR.

no need for audit even if ur turnover exceed 1 crore if u choose presumtive taxation

MY ONLY QUERY IS THAT I HAD AUDITED MY BOOK LAST YEAR BECAUSE I WANTED TO SHOW MY PROFIT LESS THAN 8% AND AS PER SEC 44AD IF YOU OPT FOR AUDIT THEN YOU NEED TO GET AUDIT FOR 5 CONSECUTIVE YEAR.

HOWEVER IN THIS YEAR MY PROFIT IS LESS THAN BASIC EXEMPTION AND T/O IS MORE THAN 1 CR. WHETHER I NEED TO DO AUDIT, BECAUSE IN SEC 44AB I HAS WRITTEN THAT IF YOUR SHOWING YOUR PROFIT LESS THAN 8% OF T/O AND PROFIT IS MORE THAN BASIC EXEMPTION LIMIT THEN ONLY YOU NEED TO DO AUDIT.

yes audit needed

I HAD NOT OPTED 44AD IN PY 2017-18 I GOT MY BOOKS OF ACCOUNT AUDITED BY SHOWING LES THAN 8% PROFIT

hello...once you have opted out of sec-44Ad you will not be able to claim benefits of that section for a period of 5 years. Hence, for the FY 18-19 you will be governed by provisions of Sec-44AB and not 44AD. So, you will be required to get your books of accounts audited.