banner_ad

Tax audit - applicable?

Tax queries 548 views 4 replies

My client residential status for F.Y 2018-19 is NRI.

In previous year, he was filing tax return u/s 44AD and was resident.

In current year, his turnover is 33 lakh and profit around is around 3 lakh.

Is Tax Audit applicable for current year?

 

I think no tax audit is applicable for F.Y 2018-19, since 44AD(5) is applicable to "Eligible Assesse" and NRI is not Eligible Assesse as per 44 AD. Please confirm.

 

 

 

 

Replies (4)
1. Yes, It is true that Non Resident Indian as per IT Act is not an eligible assessee as per Sec 44AD.

So, He cannot calculate his income on presumptive basis.

However, A resident but not ordinarily resident individual is an eligible assessee. Kindly check his residential status as per Sec 6 of IT Act as he was resident in the preceding previous years.

2. Tax audit is not applicable for him as he is ineligible assessee under sec 44AD.

And he can show less than 8% net profit under books not maintained case. Tax Audit is not applicable.
correct.
tax audit not applicable
No audit.
File ITR 3 and fill complete Details of BS and P&L .
Books maintainable is compulsory
Tax Audit not applicable Sir. File ITR 3.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details