44AD VS 44AB

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This discussion clarifies income tax audit requirements for partnerships with a turnover around £60 lakh. It confirms that if the partnership opts out of presumptive taxation under Section 44AD and does not meet the Section 44AB audit threshold of £1 crore, an audit is not compulsory, even if profits are shown below 6%.

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(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

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CA R SEETHARAMAN

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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
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jayesh khokhariya

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jayesh khokhariya (Querist)
24 June 2024 then their is a no need for audit ??
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
24 June 2024 Yes, no need for audit.
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