Question ID : 40596

AUDIT US 44AB IS REQUIRED OR NOT

An assessee had filled his return of income for AY 2017-18 declaring income u/s 44AD. In AY 2018-19, his turnover was more than Rs. 1 crore and get his books of account audited by declaring income @ 6.3%. In AY 2019-20, his total turnover was Rs. 2497000/- and all of the receipts were by bank. Declared profit @ 6.28%. He had received around Rs. 1,48,000/- as an interest income (Income from Other sources). Loss from House property was (Interest on Housing Loan - Rs. 1,22,000/-). His Gross total income comes to below basic exemption limit of Rs. 2,50,000/- after set off of loss from house property. In this case, do he need to get audited his books of accounts as he was not eligible to opt in u/s 44AD and total turnover was below 1 crore, declared income less that 8% (But More than 6% as turnover was through banking channel) and Gross total income was below Rs. 250000 after set off of loss from house property and before claiming deduction under chapter VI. ?

posted by VIRAL THACKER on Mar 5 2020 12:00AM