income tax SEC 44AA

[giri gattupalli]

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

[DR.MARIAPPAN GOVINDARAJAN]

Since it is less than ₹ 1 crore no requirement for the accounts audited under section 44AB

AI Summary

Audit requirement under section 44AB waived where turnover below specified threshold; no audit required for small taxpayers
Advises that a GST-registered regular dealer with annual sales of Rs. 70,00,000 and maintained books who files GST returns is not required to obtain a statutory income-tax audit because the dealer's turnover is below the prescribed one-crore threshold for mandatory audit.