Tax audit and 44AD query

Akshat Varaiya (229 Points)

23 March 2022  
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?