Income Tax AUDIT IS Applicable or not ?

This query is : Resolved

Pankaj (Querist)
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12 September 2024 I am Government civil contractor. In F Y 2023-2024 my turnover i.e contract receipts is Rs 6 cr. Total receipts is received through other than cash mode. Also i have to declared profit at 6% of total contract receipts. I have not filed my ITR before 31 july 2024. I have some query :
1) can i file now my ITR U/S 44AD with declared profit 6 % ?? Income Tax Audit is compulsory or nor ??
2) If I file my ITR u/s 44AD with declared profit 6 % then MSME new provision i.e 15 day or 45 days payment rule will be applicable for sundry creditors or not ????

Dhirajlal Rambhia online

Dhirajlal Rambhia online

(Expert)
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12 September 2024 You cannot opt for presumptive assessment u/s 44AD IT act. as the turnover is 6 Crs.
You can file ITR under normal assessment without tax audit.