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Under section 44Aa
sir I am an retail and wholesale dealer of medicine that my gross turnover from the above said business come to rupees 12000000 in the AY 2021-22 . can I am liable to get maintain the account books under section 44AA and to get the audit under section 44AB.Sir I am not interested to take the presumption u/s 44AD.Sir please guide me how to file my income tax return and under which section.Thanks
Replies (7)
Quick Summary
Yes audit is applicable
Well, if 95% or more of your sales & purchase transactions are through banking channel; & if sec. 44AD(4) not applicable in any previous years; tax audit is not mandatory.
You have to maintain books and do audit as well
Maintenance of books would be mandatory for you.
Audit would apply to you only if your gross receipt or turnover is more 5% of total recipts and payments.... that means u must mostly deal in non cash transaction to avoid audit.. Otherwise audit is definitely applicable
Looking at ur facts u need to file ITR u/s 139 with form 3CA /3CD for further assistance u may get in touch
Agree with above comment
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