29 July 2023
Assesse have opted for 44AD in FY 2019-20 and opted out for regular ITR in FY 2020-21 and declared income more than Rs. 2,50,000, which is also more than 6%/8% of Total turnover. Is he eligible for audir us 44AB(e)?
29 July 2023
Yes, mandatory. Read sub-sec 44AD(5) ...Notwithstanding anything contained in the foregoing provisions of this section, an eligible assessee to whom the provisions of sub-section (4) are applicable and whose total income exceeds the maximum amount which is not chargeable to income-tax, shall be required to keep and maintain such books of account and other documents as required under sub-section (2) of section 44AA and get them audited and furnish a report of such audit as required under section 44AB.
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