44AD applicability to newly incorporated Firm in 2022-23
This query is : Open
20 September 2023
Firm having turnover of Rs. 44 lakh wants declare profit around to 1% so it is compulsory to go for audit u/s 44AB(a) as firm is newly incorporated in FY 2022-23 and filing first time income tax return as firm is declaring profit lower than 6%/8% as the case may be.
QUESTION 1).IS it compulsory to adopt 44AD as firm declaring profit lower than 6% and carried out audit under section 44AB.
2).maintenance of books of account is compulsory if firm want to file normal return without considering 44AD
QUESTION 1).IS it compulsory to adopt 44AD as firm declaring profit lower than 6% and carried out audit under section 44AB.
2).maintenance of books of account is compulsory if firm want to file normal return without considering 44AD
20 September 2023
Not compulsory to opt for 44AD.
Tax audit not applicable in view of new firm.
Tax audit not applicable in view of new firm.
21 September 2023
Yes, I agreed with Mr CA R SEETHARAMAN Sir....
1. Not compulsory for 44Ad. But, If opt 44ad then profit must be 6%/8%....
2. Yes, It's compulsory if You are not opting 44ad.
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