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VISHAL JAIN (Self Employeed)     01 September 2021

IS AUDIT APPLICABLE ???

I have Client who from F.Y 2016-17 to F.Y 2018-19 has filed ITR-3 showing profit above 8% but not opting for sec 44AD

For F.Y 2019-20 audit was done Turnover was 1.4Cr. profit shown 6%

Now as per the new scheme of govt of 5% cash receipts & payments

My Turnover is 1.5cr. and profit is 7% and upto 95% transaction are digital do i require to get audit.



 5 Replies

Dhirajlal Rambhia

Dhirajlal Rambhia (SEO Sai Gr. Hosp.)     01 September 2021

If 95% or more of receipts as well as payment transactions are digital, audit will not be applicable, provided audit for AY 2020-21. was done u/s. 44(a) of IT act.

1 Like
Dhirajlal Rambhia

Dhirajlal Rambhia (SEO Sai Gr. Hosp.)     02 September 2021

Read it as ... provided the tax audit for AY 2020-21 was done u/s. 44AB(a) of IT act.

1 Like
VISHAL JAIN

VISHAL JAIN (Self Employeed)     02 September 2021

Yes it was done u/s 44AB a
1 Like
Dhirajlal Rambhia

Dhirajlal Rambhia (SEO Sai Gr. Hosp.)     02 September 2021

No tax audit applicable, but while filing ITR 3 select correct tab for digital payment... as YES.

1 Like
VISHAL JAIN

VISHAL JAIN (Self Employeed)     02 September 2021

Ok sir thanks for suggesting

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