1st, and 2nd Proviso's to Clause (a) to Section 44AB

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This discussion clarifies the applicability of Section 44AB's provisos for a partnership firm with a turnover of Rs. 1.2 crore, entirely through banking channels. Based on the provided details, including minimal cash expenditure and a profit of Rs. 45,750, it appears the firm may be exempt from a tax audit. The advice suggests filing the income tax return before the 31st July deadline.

T.N.Reddy

T.N.Reddy (Querist)
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31 July 2024 Sir, I have a Partner ship firm where in I have done turnover of Rs.1,20,00,000 all of which is only banking mode, and there is a cash expenditrue to the extent of 1% of the above turnover. I have made a financials also. ie profit and loss and balance sheet. Proft is Rs.45,750, hence I hope, I can fit this income tax reutrn udner the subject provisio's and can file the return. Am i correct, kinldy advice