Audit u/s 44ada

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PRATIK SHAH (Querist)
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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

CA PRAVEEN PACHALAG (Expert)
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21 August 2017 Yes have to do if profits below 50%.

Amol S Joglekar

Amol S Joglekar (Expert)
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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

CA Rashmi Gandhi (Expert)
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21 August 2017 If below 50% then you are liable for tax audit.

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