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Income tax audit 44 ad
I have filed return 44 ad presumtive scheme ( itr 4 ) from 2017/18, 2018/19 and 2019/20, and I have filed normal return ( itr 3) 2020/21 , I did not audit 2020/21, now can I file normal return or I have to do audit? turnover is 8000000. and profit is less than 250000 (2021/22)
Replies (3)
Quick Summary
Yes Tax audit is required
1.File normal return as you didn't get audit done as profit is less than 6%.File presumptive income-tax showing 6%profit and pay tax on that profit. That's the way to avoid audit.
If you had voluntarily opted out of 44ad during ay 20-21, then you cannot opt for 44ad for 5 years. Hence, ITR 3 would be appropriate and no tax audit required because the turnover is within the threshold limit.
If you had filed ITR 3 for ay 20-21 because you were not eligible for it due to exceeding threshold limit, then you may opt for 44ad for ay 21-22. Even in this case, no tax audit because the income is within the basic exemption limit (assuming no other income).
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