bokks of accounts and sec 44ad

[giri gattupalli]

respected sir

one of my client turnover during fy 2019-20 is 60,00,000. i have maitained books of accounts and earned net profit at 9% that is 5,40,000. and i do not want to opt SEC 44AD. please advise whether i required to get my accounts audited or not .please discuss.

thanking you

[AshaKanta Sharma]

I think Tax Audit is only required when Turnover limits exceeds the limits prescribed.

AI Summary

Tax audit requirement: turnover thresholds determine whether a taxpayer must obtain an audit, irrespective of presumptive scheme election. The requirement for a Tax Audit depends on exceeding the prescribed turnover limits; if turnover does not surpass those thresholds, an audit obligation is not triggered, and opting out of a presumptive taxation scheme or reporting a given net profit does not by itself create an audit duty.