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tax audit requirement


Lokesh Jain (ghy)     08 September 2019

Lokesh Jain
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if my turnover is 80 lakhs and profit less than 8/6 %, whether tax audit is required in FY 18-19?

a. if I followed 44AD till FY 17-18, what will be your answer?
b. if I didn't followed 44AD, then what will be your answer?

RAJA P M ("Do the Right Thing...!!!")     08 September 2019

RAJA P M
"Do the Right Thing...!!!" 
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First of
Is Your business is eligible u/s 44ad...?

avater

Kapadia Pravin   08 September 2019

Kapadia Pravin

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a. If you continue to follow 44AD for FY 18-19, audit is compulsory.

If you discontinue 44AD then No Audit but 44AD won't be allowed for next 5 years

b. Without 44AD that is under regular business income - there will not be Audit as well as no restrictions on profit %age. Books of account compulsory and ITR3 .


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