If I am doing normal business (not being in ‘presumptive boat’), and I find that my profits being businessman are below 8%/6% , or being a specified professional are below 50% of my turnover or receipts, then I must get my accounts audited by a Chartered Accountant, as it is always presumed that I will earn such % of profits, and if I don’t declare such profits (even for a small business, how small it may be), I need to get my audit of accounts done ,to confirm by an external source that yes, my profits are below the specified percentages.
If I am doing presumptive option in a year, and in any of 5 following years to such year, I declare a profit of less than the minimum prescribed 8%/6%(conditional), that means I go out of the presumptive box, I can’t come back to the box, viz, I can’t go back to the presumptive route for 5 consecutive years from the year I so declare less or walk out.