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

Client with 9% net profit and 60 lakh turnover in 2019-20 queries necessity of tax audit under Section 44AD. A client with a turnover of 60,00,000 INR in the financial year 2019-20 maintained books of accounts and reported a net profit of 9% (5,40,000 INR). The client is not opting for Section 44AD and seeks advice on whether an audit is necessary. The response suggests that a tax audit is required only if turnover exceeds the prescribed limits.