One of my client a partnership firm having turnover of 5 lacs and business loss of Rs.115000/- in FY 2020-21 and having a loss on sale of fixed asset of Rs.10 lacs wants its books to get audited and file 3CD.
In last year FY 19-20 the turnover was Rs.63 lacs and audit was done u/s 44AB(e).
Please advise whether tax audit is required to be done this year or not as Sec. 44AD(5) reads as below :
Notwithstanding anything contained in the foregoing provisions of this section, an eligible assessee to whom the provisions of sub-section (4) are applicable 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 (2) of section 44AA and get them audited and furnish a report of such audit as required under section 44AB.

IGST (₹) CGST(₹) SGST (₹) CESS (₹)
Electronic Liability Register (Return related) 0 0 0 0
Electronic Cash Ledger 3002 1190 0 0
Electronic Credit Ledger 0 2948 0 0

Dear Sir,

Can a private limited company who deals in manpower consultancy business invest in shares or mutual funds just like an individual person. Are there any restrictions.

What will the Taxation impact if shares or mutual funds are sold in future years.

Please help me in this matter.

Regards,
Divyesh Jain

Dear All

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Dear Sir

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