44AB Audit

Rajib Saha (Accounts Officer) (239 Points)

25 September 2020  

Dear Sirs,

One of my friend runs a proprietary business - Custom House Agency. Turn Over in FY 19-20 was Rs. 85 lakh ( approx), profit being roughly about Rs. 5.00 lakh. About 40% of the expenses are made in Cash.  My query is whether he is supposed to get his Accounts audited u/s 44AB of the Act.