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