I'm a freelance software engineer, my gross receipt crossed 50 lakhs in FY23. Do I need audit for FY23. OR i only need audit for next FY (FY24) if my gross receipt cross 50 lakh in FY23. Rules are kinda confusing, so need some clarification.
I'm a freelance software engineer, my gross receipt crossed 50 lakhs in FY23. Do I need audit for FY23. OR i only need audit for next FY (FY24) if my gross receipt cross 50 lakh in FY23. Rules are kinda confusing, so need some clarification.
Rules are very much clear, the tax audit u/s. 44AB IT act applies for the same Financial Year when your professional turnover exceeds Rs. 50 lakhs. It is different matter that the relevant Assessment year will be the next.
CAclubindia
