plz clear me a doubt of if a person audit one time than he would be liable for continuous 5 year audit.
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Quick Summary
This discussion clarifies the 5-year audit rule in India. It explains that if you opt for presumptive taxation under Section 44AD, you must maintain it for five years. If you choose to maintain regular books of accounts instead of presumptive taxation, the audit requirement is based on your annual turnover. The user is seeking clarification on their specific situation after auditing their accounts for three consecutive years.
If the person opts for presumptive taxation under section 44AD then the person should maintain it for 5 years. otherwise audit is based on turnover during the year.
Sir since a.y 2013-201r i declared income in proper books of accounts maintained instead of persumptive basis but in A.y 2018-2019 i audited my books of account for showing profit less than 8%. continuous 3 year i audited my accounts now plz clear my doubt