Opting out of 44ad - tax audit applicability

Tax queries 581 views 3 replies
My Brother has opted for 44AD in relation to business income for F.Y 2016-17 and 2017-18.

However, my brother residential status for tax year 2018-19 becomes to "Non resident". So, he cannot opt for Presumptive income.

His turnover is around £33Lakh for 2018-19 and income will be between 2.5 to 3.0 Lakh.

My Question (Related to F.Y 2018-19)
As my brother has opted out of Presumptive income for 2018-19, so is it mandatory for him to get his account audited as well maintain books of account?

 

One of consultants told me that tax audit will be applicable in subsequent 5 years not in current year i.e F.Y 18-19 If income chargeable to tax exceeds basic exemption limit.

 

Please advice?

Replies (3)
I presume 33lakh turnover is rupees and pound. I think no audit is required. only books of accounts must. File ITR3 and fill BS & P&L schedule completely.

I have filed income tax under audit but now turnover only 450000/- so in that case audit is applicable..?

A.y 2019-20 income tax filed inder audit . But a.y 2020-21 turnover only 4.5 lakh then audit is applicable..??

Please suggest...


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