02 April 2019
An NRI is earning income from business in India during the FY 2018-19 & his turnover from business is about Rs. 45 Lakh.
Now, 1) Is he liable to get his accounts audited u/s 44AB of IT Acit, 1961? OR 2) Is he file an IT return for AY 2019-20 u/s 44AD OR 3) He is liable to maintain accounts only and file IT return without getting his BOA audited u/s 44 AB of IT act, 1961.
03 April 2019
Audit provisions are applicable if his turnover exceeds Rs 1 Crore. 44AD is applicable to residents only. So the NRI can go with Option 3 as the most appropriate option.
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