|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.|