Dear Experts,
Tax payer is a proprietor and having TO ov 3.5cr in FY22-23.
He has interest income from FD.
He had opted for presumptive taxation in FY21-22.
Since, his TO is >2cr in the FY22-23, he is not eligible for continuation in presumptive. He now will have to file the return on regular basis.
But his profit as per the books will come to about 7L (after having considered all the business expenses), which will be about 2.5% of profit from his total TO of 3.5Cr in FY22-23.
Does he have to go for Audit since his profit is <6% of TO? or he can file the return on his own by declaring profit as 7L..?
Thanks in advance.
Kartik
CAclubindia
