sir
I want to know, in the case of a partnership firm, having loss in FY 16-17, and comes under section 44AD. my doubt is whether tax audit is applicable or not?
Chandan Singhvi
(Very soon)
(254 Points)
Replied 08 March 2018
RAJA P M
("Do the Right Thing...!!!")
(127542 Points)
Replied 08 March 2018
CA Carol Pereira
(28 Points)
Replied 08 March 2018
As per the provisions of Section 44AD if the net profit during the year is less than 8% of the gross turnover then books of accounts needs to be maintained and audited. Since in the given case the firm has incurred a loss during the year TAX AUDIT needs to be done.
RAJA P M
("Do the Right Thing...!!!")
(127542 Points)
Replied 09 March 2018
CA Carol Pereira
(28 Points)
Replied 09 March 2018
I would like to correct myself. Yes Mr. Raja is correct if the total incomet of the firm does not exceed the maximum amount chargeable to tax then as per Section 44AD(5) no audit needs to done.
monesh agrawal
(accountant)
(49 Points)
Replied 10 March 2018
RAJA P M
("Do the Right Thing...!!!")
(127542 Points)
Replied 10 March 2018
| Originally posted by : monesh agrawal | ||
 |
sir I want to know, My total Turnover for FY 2016 - 17 is 98 Lac and book profit is approx 5% . my doubt is whether tax audit is applicable or not? |
 |
Yes... Applicable...
monesh agrawal
(accountant)
(49 Points)
Replied 14 March 2018
but sir i filed my non audited ITR 3 on 31 oct 2017 and audit due date for FY 2016-17 has expired, in that case what can i do?
tripti
(ca article)
(209 Points)
Replied 22 March 2018
| Originally posted by : monesh agrawal | ||
|
sir I want to know, My total Turnover for FY 2016 - 17 is 98 Lac and book profit is approx 5% . my doubt is whether tax audit is applicable or not? |
|
As you have shown your profit less than 6% or 8% as the case may be, audit is applicable.
Consultant
(partner)
(36 Points)
Replied 11 June 2018
Not applicable as the income is below limit of 1 crore
CAclubindia
