Business
Assessee (INDI / HUF / Firm)
1st condition 2nd Condition 3rd
Condition
|
Turnover |
Net Profit > 8% or 6%
of turnover (u/s 44AD) |
All cash receipts > 5%
of total Receipts |
All cash payment > 5% of total
payments |
Audit U/s |
|
* 6% net profit incase of amount of total turnover
or gross receipts received through banking channel / digital means |
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|
|
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|
Upto 1 Crore |
No |
NA |
NA |
Yes 44AD(e) |
|
Yes |
NA |
NA |
No |
|
|
|
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|
1‐2 crore |
Yes |
No |
No |
No |
|
Yes |
Yes |
Yes |
Yes 44AB(a) |
|
|
Yes |
Yes |
No |
Yes 44AB(a) |
|
|
Yes |
No |
Yes |
Yes 44AB(a) |
|
|
No |
Irrelevant |
Irrelevant |
Yes 44AB(a) |
|
|
|
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|
2 ‐ 5 crore |
NA |
No |
No |
No |
|
NA |
Yes |
Yes |
Yes 44AB(a) |
|
|
NA |
Yes |
No |
Yes 44AB(a) |
|
|
NA |
No |
Yes |
Yes 44AB(a) |
|
|
|
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|
More than 5 Crore |
NA |
NA |
NA |
Yes 44AB(a) |
For Professionals
|
Turnover |
Net Profit > 50% of
turnover (u/s 44ADA) |
All cash receipts > 5%
of total Receipts |
All cash payment > 5% of total
payments |
Audit U/s |
|
> 50 Lacs |
NA |
NA |
NA |
Yes 44AB(b) |
|
< 50 Lacs |
< 50% (sec 44ADA) |
NA |
NA |
Yes 44AB(d) |
|
< 50 Lacs |
> 50% |
NA |
NA |
No |
Note :‐
Receipts
includes Capital contribution, all income, sale of assets, loan taken or loan
received back etc Payments includes drawings, all expenses payment, purchase of
assets, loan repaid or loan given etc
Clause
44AB(a) Business Turnover Exceed
1 crore
44AB(b) Professional
Gross receipt exceed 50 lacs
44AB(c)‐i Income less than Deemed income u/s 44AE
44AB(c)‐ii Income
less than Deemed income u/s 44BB 44AB(c)‐iii Income
less than Deemed income u/s 44BBB 44AB(d) for
section 44ADA
44AB(e) for section 44AD
44AB(3) Audited under any other law
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