Audit applicability considering Limit of 10 Crore

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jayesh khokhariya (Querist)
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26 June 2023 Assesses having turnover of 5.37 crore(Partnership Firm) and all transaction are within 5% limit than also he require to maintain books of account as per section 44AA and need to do compulsory audit U/s 44AB. Assesses has not opted 44AD in any earlier year

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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26 June 2023 The books of accounts are required to be maintained, but when expenses as well as receipts by cash mode are within 5% range, tax audit u/s. 44AB IT act, is not mandatory till business turnover is of 10 Crs.