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Proprietor business income


Rahul Pathak (Student)     12 December 2019

Rahul Pathak
Student 
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if individual filed return in FY 2016-17 as presumptive income and in FY 2017-18 his income was appx. 1.5cr he was liable for statutory audit. In FY-2018-19 his turnover is 90 lac.
Is he still liable for statutory audit or he can file income tax return without statutory audit.

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Ravi SADhiyan (CA Final)     12 December 2019

Ravi SADhiyan
CA Final 
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Originally posted by : Rahul Pathak
if individual filed return in FY 2016-17 as presumptive income and in FY 2017-18 his income was appx. 1.5cr he was liable for statutory audit. In FY-2018-19 his turnover is 90 lac.Is he still liable for statutory audit or he can file income tax return without statutory audit.

He is liable for Tax Audit under Income Tax for the F.Y. 2018-19

Because his T/o more than Rs. 1 Crore in Previous Year 2017-18 

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Kapadia Pravin   13 December 2019

Kapadia Pravin

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I presume you are filing ITR under 44AD.

Since turnover for FY 2018-2019 is 90 lakhs well within limits , there is not need to tax audit . (irrespective of PY Turnover).

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Shivam RC (Student)     14 December 2019

Shivam RC
Student 
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If you are filing your ITR under the Presumptive Taxation Scheme ( PTS ) , then no Tax Audit u/s 44AB of the Income Tax Act 1961 is required.


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