Issue regarding Income Tax Audit

    Posted By : damini / Published on : 09-Apr-2020 01:01 PM / View : 52 / Comment : 0
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    An assessee had filled his return of income for AY 2017-18 declaring income u/s 44AD. In AY 2018-19, his turnover was more than Rs. 1 crore and get his books of account audited by declaring income @ 6.3%. In AY 2019-20, his total turnover was Rs. 2497000/- and all of the receipts were by the bank. Declared profit @ 6.28%. He had received around Rs. 1,48,000/- as an interest income (Income from Other sources). Loss from House property was (Interest on Housing Loan - Rs. 1,22,000/-).

    His Gross total income comes to below the basic exemption limit of Rs. 2,50,000/- after set-off of loss from house property. In this case, does he need to get audited his books of accounts as he was not eligible to opt-in u/s 44AD and total turnover was below 1 crore, declared income less than 8% (But More than 6% as turnover was through banking channel) and Gross total income was below Rs. 250000 after set-off of loss from house property and before claiming deduction under chapter VI.?
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