44AD VS 44AB compulsion
This query is : Resolved
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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
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
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%
18 July 2024
No. just declare it under normal assessment with books of accounts maintained.
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