44AD VS 44AB compulsion

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This discussion clarifies whether a partnership with a turnover of around £60 lakhs is compelled to undergo a tax audit. If the partnership opts out of the presumptive taxation scheme under Section 44AD and maintains proper books of accounts, it can file its income tax return showing profits below the 6% threshold without a compulsory audit under Section 44AB, provided its turnover is below the £1 crore limit.

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(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
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Dhirajlal Rambhia

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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
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jayesh khokhariya

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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%
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
18 July 2024 No. just declare it under normal assessment with books of accounts maintained.
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