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Regarding 5 year audit must

Sahil garg (Accountant) (52 Points)

22 March 2021

Dear seniors

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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4 Replies

CA. Sourav Sarkar (Chartered Accountant ) (24588 Points)
Replied 22 March 2021

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.

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Sahil garg (Accountant) (52 Points)
Replied 22 March 2021

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