Applicability of 44AD for Firms
This query is : Resolved
23 March 2023
A partnership firm opted 44AD in 2020-21.
But not opted 44AD in 2021-22
As per 44AD(4) the firm is not eligible for 44AD for next 5 years.
Weather tax audit is required for 2022-23 in the following 2 cases:
1. Turnover 80 Lakhs and Net Profit is 10 lakhs in 2022-23.
2. Turnover 80 Lakhs and Net Loss is 5 lakhs in 2022-23.
Reply me with reasons
Pls anyone help me
But not opted 44AD in 2021-22
As per 44AD(4) the firm is not eligible for 44AD for next 5 years.
Weather tax audit is required for 2022-23 in the following 2 cases:
1. Turnover 80 Lakhs and Net Profit is 10 lakhs in 2022-23.
2. Turnover 80 Lakhs and Net Loss is 5 lakhs in 2022-23.
Reply me with reasons
Pls anyone help me
23 March 2023
1 Tax audit not required as profit declared more than 8%.
2 Tax audit not required as no taxable income declared
2 Tax audit not required as no taxable income declared
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