Non filling of Timely Audit

Failure to get accounts audited or furnish a report of audit as required under section 44AB Section 44AB prescribes when the accounts of the taxpayer are to be audited. If a taxpayer, in spite of the requirement of section 44AB, fails to get his accounts audited, then he can be held liable for penalty under section 271B. Penalty under section 271B will be levied for failure to get the accounts audited or failure to furnish a report of audit as required under section 44AB. Penalty shall be one-half per cent of total sales, turnover or gross receipts, etc., or Rs. 1,50,000, whichever is less.

My Turnover for 2016-17 was ₹.1.06 Crores.I filed my Return under 44AD by showing 8% NP. Now In the current year I want to audit my books. Whereas many CA's are stating that I cannot Audit for the Current Year i.e.2017-18 as I did not audit my books for 2016-17. Now I want to know that from when is this Law applicable? Experts please guide me.

if you opt out from presumptive income section then you can't opt again upto the five year if this condition is sutaible for your business ,then you can opt out from presumptive section 44Ad