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Question ID : 43324

Section 44AD (4) introduced from AY 2017-18.

What if in any subsequent AY year after getting audited, assessee failed to get accounts audited. i.e. if in AY 2018-19 non-audited and filed under 44AD, subsequent to that in AY 2019-20 Audited in view to GTO and again in AY 2020-21 it got unaudited. Whether Assessee can get accounts audited for AY 2021-22 ignoring previous omission of non-audit.

Posted by SURAJ KUMAR CHOUDHARY on Jul 13, 2022

Filed Under AUDIT

Answer ID : 82543

The assessee opted out from presumptive taxation under section 44AD in AY 2019-21 and audited his books of accounts. He cannot opt for presumptive taxation for 5 subsequent assessment years. So his books of accounts shall be audited. If not audited, penalty under section 271B will be attracted. It is irrelevant that books of accounts for AY 2020-21 not get audited while considering the audit of books of accounts for AY 2021-22.

Posted by CA PRADEEP C B on Jul 19, 2022
Answer ID : 82544

Please note that there is a typing mistake in my Answer. Please read the AY in the first sentence of my answer as AY 2019-20.

Posted by CA PRADEEP C B on Jul 19, 2022
Answer ID : 83551

Yes. Audit is required even there is previous omission otherwise may be subject to penal provisions under Income TaxAct,1961.

Posted by CA. JHA SHANKAR KUMAR on Aug 01, 2022