44AD VS 44AB compulsion
This query is : Resolved
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jayesh khokhariya
(Querist)
18 July 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
Dhirajlal Rambhia
(Expert)
18 July 2024
we can file return showing lower profit below 6% with profit and loss account and balance sheet assuming not opting for 44AD
jayesh khokhariya
(Querist)
18 July 2024
is their any compulsion to opt 44AD and to do compulsory audit u/s 44AB as we a are showing profit lower than 6%
Dhirajlal Rambhia
(Expert)
18 July 2024
No. just declare it under normal assessment with books of accounts maintained.
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