if a person filling income tax return and not covered or not opting presumptive taxation scheme and has turnover or gross receipts below 1cr or 50 lac as the case may be.
has profits below 8% or 50% is he liable to tax audit under sec 44ab.
if he's filling return under normal provision anf not as per 44ad/44ada.
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Tax audit return
Replies (2)
If the Assessee will file u/s 44aa then Tax audit not applicable...
If assessee is filing (not under 44AD/44ADA) return as regular business Profession income with books of accounts maintained then no tax audit is required under 44AB
But note that you lose the right of 44ad or 44ada for next 5 assessment years.
But note that you lose the right of 44ad or 44ada for next 5 assessment years.
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