I want to file my deceased father in law ITR as representative assesse for FY 1920 before 31st May 2021 as per the date extended. My turnover was Rs 2.9 crore. There is less than 5% of cash transaction in my receipts and payments related to turnover. Do i need to get my accounts audited as per filing u/s 44AD. As a notification dated 1.4.20, allows that there is no need to get accounts audited in case of less than 5% cash transaction, for 2 to 5 crore bracket. Also my profit is just 5.89 lakhs. As it is more of a job work and these high turnover are just because of GST compliance to show goods as purchase and sale.
I think that in 5% case for 2-5 crore bracket rule of 6 to 8% profit does not apply. Thus can I take my profit as 5.89 lakh and not get my account audited.
CAclubindia
