mr.A is a professional.
Last year mr.A had opted for presumptive taxation u/s 44ADA.
This year (fy 2018-19), he doesn't want to go for presumptive taxation .
is tax audit applicable in fy 18-19??
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Tax audit applicability
Replies (2)
Mr A can go back to regular way of declaring under PGBP and maintain books of accounts under 44AA and if Gross Receipts above 50 lakhs (44AB ) then tax audit is required.
No. Tax audit not applicable, if the gross receipt does not exceed Rs. 50 lakhs.
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