44ab applicability??
This query is : Resolved
02 June 2018
If Professional Firm is having loss for financial year having turnover less than 50 Lakh and it does not opt for presumptive taxation u/s 44ADA (i.e Showing 50% income of Gross Receipts as taxable income), will it require to maintain books of accounts and get accounts audited u/s 44AB??
Message likes :
1 times
02 June 2018
this might be useful for you
https://taxguru.in/income-tax/tax-audit-turnover-1-crore-net-profit-8.html
https://taxguru.in/income-tax/tax-audit-turnover-1-crore-net-profit-8.html
04 June 2018
no it is not required as the income is below the basic exempted amount ie Zero in case of partnership firms
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS 194-T applicability
- GST ITC REVERSE
- Fixe term employment
- Is any professional CA is here please reply
- Putting a heading on received mail
- Consolidated financials
- TDS on TRUST
- Reprocessing of rectification order AY 2025-26
- Section 50-fixed asset-->building ceases to exist
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
