Opting for 44ad in 2nd year

If your business turnover has exceeded 2 crore rupees and you previously opted for the presumptive taxation scheme under Section 44AD, you may need to get your accounts audited. While the scheme generally requires you to stick with it for five years, exceeding the turnover threshold means you'll likely need to comply with audit requirements. Even if you declare profits above the minimum percentage, exceeding the turnover limit necessitates an audit.