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.
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.
Read it as ... provided the tax audit for AY 2020-21 was done u/s. 44AB(a) of IT act.
No tax audit applicable, but while filing ITR 3 select correct tab for digital payment... as YES.
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