Lokesh Jain (ghy) 08 September 2019
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?
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Kapadia Pravin 08 September 2019
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 .