My business T/O is as follows
F. Y. 20-21 - Rs. 1.75Cr.
F. Y. 21-22 - Rs. 3.25Cr.
Uptil F. Y. 20-21, I was opting for 44AD but in F. Y. 21-22, I am not eligible for 44AD. My cash receipts and cash payments are more than 5% of total receipts and payments.
My 5 years period has not been completed as per 44AD requirement but I now don't have option for opting 44AD.
My query is that whether I am liable for Tax Audit u/s 44AB or not?
7 Replies
Akshat Varaiya
(229 Points)
Replied 23 March 2022
But i wanted to opt for 44AD and i don't have any option for 44AD, then too i am liable?
vikash dhanuka
(66 Points)
Replied 23 March 2022
There is no option for 44ad once your turnover cross 2cr
hemant sharma
(141 Points)
Replied 23 March 2022
Since your turnover for f.y exceeds 2 crore. you are not eligible for 44ad and you are required to maintain books of a/c and get audited the same as per sec 44aa and 44ab
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 23 March 2022
If there is profession portion then you can consider around 1.9Crores under business and balance under profession.
So you can opt 44AD and 44ADA if you have supporting evidence
So you can opt 44AD and 44ADA if you have supporting evidence
debora M
(BUSINESS DEVELOPMENT MANAGER)
(1697 Points)
Replied 23 March 2022
Clause (e) of Section 44AB states that a person, who has opted for the presumptive taxation scheme under Section 44AD in any of the last 5 previous years but does not opt for the same in the current previous year, shall be liable to get his accounts audited if his total income exceeds the maximum amount not chargeable.
If its case falls under 44AD(4) then firms is liable to Tax Audit u/s44AB(e) provided if it earned any positive income. However, in the case of losses the firm is not required to gets its accounts audited u/s44AB(e) assuming Turnover of firm is less than 1 Cr.
CA Puja Sharma
(Chartered Accountant)
(5010 Points)
Replied 23 March 2022
Yes, you are liable to get your accounts audited for the FY 2021-22.
There is no other way to claim Sec 44AD
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