Question ID :
44822
Tax audit applicability
For FY 23-24 - Turnover Rs 1.50 Cr. Showed 15% profit. Filed ITR 4.
In FY 24-25 - Turnover Rs 90 Lakh. Ready to prepare PL and BS fully and file ITR 3 with full disclosure. Profit 15%.
Should the client do audit in FY 24-25?
Posted by
Sivaraman A.R.
on
Mar 16, 2025
Filed Under
DIRECT TAXES
No need for tax audit as profit is more than 8 percent and turnover doesnot exceed 1cr. However you can not opt 44AD for next 5 years
Posted by
VINAY BHARGAV KUMAR G on
Mar 17, 2025
Answer ID :
85741
I presume that you filed return for 23-24 u/s 44AD. So u can opt for $$AD this year also
Posted by
SIVADAS CHETTOOR on
Mar 18, 2025
Answer ID :
85748
No audit required
Posted by
CA SANDEEP D JAIN on
Mar 22, 2025