Easy Office

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??

02 June 2018 this might be useful for you
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

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries