Tax Audit for presumption taxation Assessee

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111 Points Posted on 06 December 2023
Dear all,
One assessee file ITR-4 under Section 44AD last year ( A.Y. 22-23). It was his first IT return. Can I file ITR - 3 and declare profit less than 8% in A.Y. 23-24. His turnover is less than 1 crore. Is Tax audit U/S 44AB mandatory for this assessee?

please help.
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On 06 December 2023 at 14:42 Report
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Quick Summary
This discussion explores whether an assessee who filed under presumptive taxation (Section 44AD) using ITR-4 can switch to ITR-3 for the next financial year and declare a profit below 8%. It also clarifies the mandatory tax audit requirements under Section 44AB for such cases and the duration for which presumptive taxation can be availed.

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CA
1251 Points Posted on 06 December 2023

Yes, if total income is above BEL.

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On 06 December 2023 at 14:59
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111 Points Posted on 06 December 2023
How many years he has to declare profit under 44AD?
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On 06 December 2023 at 15:09
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CA
1251 Points Posted on 06 December 2023

For next five years more, total six years. 

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On 06 December 2023 at 17:02
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111 Points Posted on 06 December 2023
Thank You sir
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On 06 December 2023 at 17:45

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