respected sir,
one of my client is a GST REGULAR dealer made sales in financial year 2019-20 amounting to rs 70,00,000 and output 3,50,000 rs . we have maitained books of accounts regularly and filed gst returns every month. my client earned 4% net income amounting to rs 2,80,000 only. my doubt is whether my client required to get his accounts audited under sec 44AB or not. please advise.
thanking you
GST Dealer with Sales Under 1 Crore Not Required to Audit Accounts Under Section 44AB of Income Tax Act. A user inquired whether a client, a GST regular dealer with sales of 70,00,000 and a net income of 2,80,000 for the financial year 2019-20, needs to have their accounts audited under Section 44AB of the Income Tax Act. The response clarified that since the sales are less than 1 crore, there is no requirement for the accounts to be audited under Section 44AB. (AI Summary)
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