Audit u/s 44ada
This query is : Open
PRATIK SHAH
(Querist)
21 August 2017
If a professional firm (proprietor) having net profit below 50 than are they liable to do tax audit u/s 44ADAOR NO
CA PRAVEEN PACHALAG
(Expert)
21 August 2017
Yes have to do if profits below 50%.
Amol S Joglekar
(Expert)
21 August 2017
Notwithstanding anything contained in the foregoing provisions of section 44ADA, an assessee who claims that his profits and gains from the profession are lower than the profits and gains specified in sub-section (1) of section 44ADA and whose total income exceeds the maximum amount which is not chargeable to income-tax, shall be required to keep and maintain such books of account and other documents as required under sub-section (1) of section 44AA and get them audited and furnish a report of such audit as required under section 44AB
CA Rashmi Gandhi
(Expert)
21 August 2017
If below 50% then you are liable for tax audit.
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