44ad audit?
This query is : Resolved
06 August 2012
SECTION 44AD5) Notwithstanding anything contained in the foregoing provisions of this section, an eligible assessee who claims that his profits and gains from the eligible business are lower than the profits and gains specified in sub-section (1) and whose total income exceeds the maximum amount which is not chargeable to income-tax, shall be required to keep and maintain such books of account and other documents as required under sub-section (2) of section 44AA and get them audited and furnish a report of such audit as required under section 44AB.
Thus my query is as follows:
1. My client is a partnership Firm who filed a loss return.
2. The Books have not been audited
Are the books liable to be audited, as the second condition "of income not exceeding maximum not chargeable to tax" is either 0 or loss in case of a partnership firm as slab base are not available to a partnership Firm.
Thus in this case would 44AD apply and does the Partnership Firm needs to get the books of accounts audited
Thus my query is as follows:
1. My client is a partnership Firm who filed a loss return.
2. The Books have not been audited
Are the books liable to be audited, as the second condition "of income not exceeding maximum not chargeable to tax" is either 0 or loss in case of a partnership firm as slab base are not available to a partnership Firm.
Thus in this case would 44AD apply and does the Partnership Firm needs to get the books of accounts audited
06 August 2012
It can be deemed that you have already applied "THE APPLICABLE" i.e. Section 44AD(5)
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
- Fixe term employment
- Is any professional CA is here please reply
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Experts need help
- Section 50-fixed asset-->building ceases to exist
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Gift Received from nonblood relative
- Putting a heading on received mail
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
