44ab applicability??
This query is : Resolved
mandar rane
(Querist)
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??
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CA Mayur Todmal
(Expert)
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
Nikhil Kaushik
(Expert)
04 June 2018
no it is not required as the income is below the basic exempted amount ie Zero in case of partnership firms
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