Dear All,
My turnover for FY 2019-20 is exceeding 1cr. can i opt for filing of return under presumptive income u/s44AD and avoid tax audit..
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Income Tax Audit
Replies (4)
Quick Summary
Yes ofcourse... because Sec 44AB specifically gave a proviso to sec-44AB that, if any person is filing u/s 44AD, then he need not do Tax Audit... In such a case.. u are not required to do Tax Audit!
Ensure other requirements of 44ad are met.
Tax Audit u/s 44AB of the Income Tax Act 1961 is not applicable for person's opted to pay Tax under Presumptive Taxation Scheme ( 44AD, 44AE, 44ADA ). Even though your Turnover exceeds Rs. 1 crore , you are not required to file Tax Audit Report subject to certain conditions as provided under Section 44AD.
Yes you can opt for filing of return under presumptive income u/s44AD and avoid tax audit.. And also check for other requirements are met for u/s 44AD
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