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Regarding 44AB Audit
I am filing My clients IT returns U/S 44AB of IT Act from Past five years. But for the A.Y. 22-23 his Turnover is very low and the Net Profit is in excess of 8% of his Turnover. Can I opt out of Tax Audit from the A.Y. 22-23 ??. And also one more clients case 44AB from past 3 years and can I opt out from now onwards?? Or 5 years is must.
Replies (3)
1. For first client you need to file ITR u/s. 44AD of the act, for at least one more year.
2. For second one you will attract sec. 44AB(4) & (5), and audit will be mandatory for next five years, including current AY....
Thanks Very much
You are welcome ....
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