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.
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
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Refund of 20%pre-deposit paid for stay application
- TDS Challan Code
- Rent lease agreement
- Relief u/s Section 89
- Nomination of Bank for refund in itr 2
- E way bill for tractors
- SGST balance is there in credit ledger how to adjust for cgst
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
