Applicability 44ada on partnership firm

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 July 2017 Sir/Madam

A Consultancy firm also liable to tax u/s 44ADA. The Firm total receipts is Rs. 6.00 whether it has to show net profit above Rs. 3.00 or it can show its profits below Rs. 3.00 without audit u/s 44AB.

Whether 44ADA is also applicable on Partnership firms or it is only for individual professional

Thanks

RAJA P M

RAJA P M (Expert)

24 July 2017 You can show 50% then you don't want Audit. If you show below 50% then you want audit. 44ADA ll be treated both of the forms. (Actually Your above said value is UPNORMAL.....!)

Anand

Anand (Expert)

24 July 2017 Section 44ADA applies to "any assesse". Hence this would include even a partnership firm. However, the assesse must be resident in India and must be engaged in a profession referred to in sub-section(1) of Section 44AA.
Sub-Section 44AA refers to the following professions
a)Legal
b) Medical
c) Engineering
d) Architecture
e) accountancy
f) technical consultancy
g) interior decoration
h) authorised representative,
I) film artist,
j) company secretary
k) information technology

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