Section 44ab r/w section 44ad

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

06 August 2017 Respect Sir,
What if a partnership firm(non LLP being eligible assesse) having turnover less than 2 crore with profit before allowing partner's interest and remuneration more than 8 percent but after allowing partner's interest and remuneration as per section 44(b) profit falls below 8 percent .whether firm can go for audit under section 44AB or should declare profit more than 8 percent.

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

06 August 2017 its your choice.....you can take any option you want.

Message likes : 1 times

Studentsca

Studentsca (Expert)
Follow

06 August 2017 If you are ok with showing profit at more than 8% then go for section 44 AD.

However if you are not then your only option is to go for Tax Audit under section 44AB.

Message likes : 1 times