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
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. (AI Summary)