I have an Assesse who has the following IT return filed:-
For A.Y 2017-18 TO A.Y 2018-19 opted 44AD
For A.Y 2019-20 Turnover Exceed 2.5 cr (compulsory audit as Turnover exceed 2cr. )
For A.Y 2020-21 again opted 44AD and filed.
Now for A.Y 2021-22 is it compulsory for the assesse to get his books Audited ??
If you opt for 44ad again provided the turnover is within the threshold limit and if the profit is less than the minimum limit of 6/8%, then tax audit would be applicable.
If you don't opt for 44ad and if the turnover is up to ₹10cr and cash transactions are <=5%, tax audit not applicable.
But mam In the provision it is written that if once u opt out u cannot file for presumptive basis for 5 A.Y and u have to compulsorily audit u/s 44AB
Here you have not opted out. Because the turnover was more than the prescribed limit, you were not eligible for it.
T R SOOD & CO
New Delhi
CA Inter
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Sri Aurobindo Gnostic Centre of Education
New Delhi
CA
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