Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

Audit applicable for individual

06 December 2021

I am an individual professional and i am having income of rs 20lac.I dont want to show my income 50% pr higher.i use to maintain my books of accounts.does audit applicable on me?

Reply
Follow
Share

3 Replies

Rama chary Rachakonda (Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294) (5223 Points)
Replied 07 December 2021

As u say 20 lacs is gross income or net income ? clarify ? because Under the existing provisions of section 44AB of the Act every person carrying on a profession is required to get his accounts audited if the total gross receipts in a previous year exceed twenty five lakh rupees.

Upgrade to CAclubindia Pro. Subscribe Now!

JJJ (Need help) (675 Points)
Replied 07 December 2021

Doesn't matter if it's gross or nett, it's still below 50.

But to answer the original question then yes, if you are filing under 44ADA and offer less than 50% of your income as profit then you will need to be audited.