If a person maintained books of Accounts and given Audit report for AY 17-18 and AY 16-17 and in this AY 18-19 his turnover is less than 20lakhs. So he chose Presumptive scheme and declared 8% Profit. For Next AY 19-20 his Turnover may increase to 2 crores so whether he can maintain books and show profit less than 8% next year? Pls Help
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Books maintained to presumptive scheme
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If Turnover exceeds 2 Cr. (or as per limit u/s. 44AD)....... then yes.... but with audit reports.
Sir if his turnover is 1 crore next AY 19-20, whether he should follow 44AD or he can show profit less than 8% with Audit Report? if he can show profit less than 8% then what for the 5 year restriction period applicable? Pls explain
He can follow sec. 44AD in continuation......
Otherwise for 5 years he will require to continue with audits u/s. 44AB.
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