02 August 2019
Dear experts, In FY 17-18 AY 18-19, my client was having turnover of Rs. 1.30cr, his actual profit was below the deemed profit u/s 44AD, hence he has undergone audit and declared profit @ 2% as per books of accounts.
Now, in FY 18-19 AY 19-20, he is having turnover of Rs. 67 lacs. As per the new amendment, he cannot opt for 44AD. He has maintained regular books of accounts.
The question here is whether he is required to undergo audit u/s 44AB or he can file regular ITR-4 (with P&L and Balance Sheet) without audit?
CAclubindia
