Tax filing and audit 2023-2024

A proprietor with a turnover of £30 lakhs and profit of £14 lakhs is inquiring about the possibility and advisability of a voluntary tax audit, even though it's not mandatory. While initially deemed not applicable under Section 44AB, it's clarified that an audit might be possible under Section 44AB(d) for IT services, particularly if profits are deemed under Section 44ADA and income exceeds the non-taxable limit. The discussion explores whether a voluntary audit can help reduce scrutiny from the IT Department.