TAX Audit

This query is : Resolved

Madhu M (Querist)
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18 November 2020 Dear sir,

Since Two Years i Have filled My IT Return Without Audit because of less Turnover
But This fy 2019-20 Turnover is 1.5cr so is it compulsory to Audit ?????
Once If i Filed Audit then every year to Audit or not ???

Please Suggest
Thank in Advance

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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19 November 2020 It's compulsory for audit as turnover exceed 1 crore. To avoid audit opt 44AD declare 8% profit.
Every year audit is not compulsory when turnover is below 1 crore.