Audit u/s 44 ab is required or not
This query is : Resolved
25 June 2014
one of my client who is partnership firm heaving professional fees recd during Assessment year 2013-2014 is Rs. 56,000/- and there is a net loss of RS. 16,000/- last year he has filed his return without Audit which is required because u/s 44AD his income is less then 8% , now this year i have to file return for A.Y. 2014-2015 This year also Total professional fees recd is 40,000/- and ther is a loss of Rs. 25,000/- then u/s 44AB AUDIT is required , because his total income is less then 8%
26 June 2014
yes..tax audit is required in both the cases...
26 June 2014
you have to take audit if your income is less than @ 8% of the receipts.
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