TAX- AUDIT FOR FY 18-19

[RAHUL GAIKWAD]

In FY 16-17 we filed Income Tax Return u/s 44AD, In FY 17-18 turnover was 3cr so we Filed Tax Audit. Now in FY 18-19 our Turnover is 1.75 CR, We are liable to Tax Audit.? or We can File Income Tax Return U/s 44AD.?

Help

[KASTURI SETHI]

Section 44 AD talks of turnover pertaining to the previous financial year. For my knowledge sake, will you please inform me why have you doubt ? I am not expert in Income Tax Act. I am asking with an intent to enrich my knowledge in this field.

Thanks.

[DR.MARIAPPAN GOVINDARAJAN]

You have to file income tax return. There is no exemption for filing income tax return. Since your turnover is more than ₹ 1 crore tax audit is to be done; if you are professional tax audit is required if the same exceeds ₹ 50 lakhs.

[KASTURI SETHI]

Sir, Thanks a lot for your reply.

[RAHUL GAIKWAD]

My question is that, Can I file income tax return under 44ad without tax audit because my turnover is 1.75 cr.?

44ad limit is 2cr

[Ramesh Kothari]

Obvious no need to file when section 44AD it self your answer

AI Summary

Presumptive taxation under section 44AD may determine whether a business must undergo a tax audit when turnover fluctuates.
A taxpayer asked whether returns for the year may be filed under presumptive taxation given current turnover below the presumptive ceiling after a prior year that required audit. Contributors observed that the presumptive scheme's turnover test relates to the previous financial year and offered contrasting views: one stated that audit applies when turnover exceeds a business threshold and professionals face a lower audit threshold; another maintained that if presumptive taxation applies, no tax audit is required.