44AD VS 44AB
This query is : Resolved
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jayesh khokhariya
(Querist)
24 June 2024
Partnership having turnover around 60 lakhs filing first time income tax return than is it compulsory to carry out audit if shows profit lower than 6% as per 44 AD ( as 44AB Limit is 1 crore)
or
Can we file return showing lower profit below 6% with profit and loss account and balance sheet assuming not opting for 44AD
or
Can we file return showing lower profit below 6% with profit and loss account and balance sheet assuming not opting for 44AD
CA R SEETHARAMAN
(Expert)
24 June 2024
File return showing lower profit below 6% with profit and loss account and balance sheet assuming not opting for 44AD
jayesh khokhariya
(Querist)
24 June 2024
then their is a no need for audit ??
CA R SEETHARAMAN
(Expert)
24 June 2024
Yes, no need for audit.
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