Audit u/s 44 ab is required or not
This query is : Resolved
CA BHAVESH MEHTA
(Querist)
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%
Nikhil Kaushik
(Expert)
26 June 2014
yes..tax audit is required in both the cases...
Rupesh Jain
(Expert)
26 June 2014
you have to take audit if your income is less than @ 8% of the receipts.
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