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Question ID : 44672

44AB audit applicable?

FY 22-23 - TO 80 lakhs. Profit 10%. Filed ITR4 FY 23-24 - TO 80 lakhs. Profit 10%. Ready to file with full PL and BS in ITR 3. Is Audit 44AB(e) applicable here?

Posted by Sivaraman A.R. on Jun 28, 2024

Filed Under DIRECT TAXES

Answer ID : 85463

YES YOU CANT OPT OUT OF SECTION 44AD FOR 5 YEARS, IF YOU DO TAX AUDIT IS APPLICABLE

Posted by CA Shrawan Suthar on Jul 13, 2024