Hello Everyone
I have a query as to
Is tax audit Mandatory in the following case
My Client is doing business in electronic products
The Turnover over the last 5 years has been steadily growing from 40 lakhs in AY 2016-17 to 85 Lakhs in AY 19-20
He has been making profit of over 8% in AY 2016-17 , AY 2017-18, AY2018-19
Books of account have been maintained for all years and the return has been filed with
P& L and balance sheet for AY 2016-17 , AY2017-18 and AY 2018-19
however his Net profit has dropped to about 6% in AY 2019-20
My question is weather he is liable for TAX audit under Section 44AB
OR
should the return be filed under Section 44AD
OR
The Return can be still be filed as before with P&L and Balance Sheet without Tax Audit Report
Thanks in Advance
Sushil