Hello,
The query is regarding section 44ADA (Professionals). During the last financial year 2022-23 relevant assessment year 2023-24 the gross receipts from the profession was above Rs.50 Lakhs and accordingly the tax audit under section 44AB was conducted and return filed thereon.
Now for the financial year 2023-24 relavant assessment year 2024-25 the gross receipts from the profession is above Rs.50 lakhs but below Rs.75 lakhs, let suppose 62 lakhs. As per latest amendment in Budget 2023, the threshold for the tax audit has been increased from 50 lakhs to 75 lakhs provided the receipts are through account payee cheque/NEFT/RTGS/Wire Transfer and 5% Cash only. All Receipts are through Banking channel no cash involvement in my case.
Query:- Now in such scenario for is audit under section 44AB is mandantory or not for FY 2023-24 relevant AY 2024-25. Please enlighten.
Regards,
CAclubindia
