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
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.
CAclubindia
