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Income Tax Audit

06 June 2020

Dear All,

My turnover for FY 2019-20 is exceeding 1cr. can i opt for filing of return under presumptive income u/s44AD and avoid tax audit..

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4 Replies

ananthula srikar (16 Points)
Replied 06 June 2020

Yes ofcourse... because Sec 44AB specifically gave a proviso to sec-44AB that, if any person is filing u/s 44AD, then he need not do Tax Audit... In such a case.. u are not required to do Tax Audit!

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Padmanabhan (Student) (1321 Points)
Replied 06 June 2020

Ensure other requirements of 44ad are met.

Shivam RC (Student) (23683 Points)
Replied 06 June 2020

Tax Audit u/s 44AB of the Income Tax Act 1961 is not applicable for person's opted to pay Tax under Presumptive Taxation Scheme ( 44AD, 44AE, 44ADA ). Even though your Turnover exceeds Rs. 1 crore , you are not required to file Tax Audit Report subject to certain conditions as provided under Section 44AD.

debora M (BUSINESS DEVELOPMENT MANAGER) (1697 Points)
Replied 09 June 2020

Yes you can opt for filing of return under presumptive income u/s44AD and avoid tax audit.. And also check for other requirements are met for u/s 44AD