A Registered Partnership Firm into trading with total turn over of 188 Lakhs for financial year 2016 - 2017 - a) Does its accounts need to be subjected to Tax Audit? b) If tax audit isn't mandatory, has the return to be filed u/s 44ADA of Income Tax Act? Kindly advise. Thanks in advance.
27 June 2017
44 ADA : Special provision for computing profits and gains of profession on presumptive basis...... 44AD : if you show a profit of 8% or more, then audit is not required. Else audit is required
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