Income tax audit
This query is : Open
15 November 2019
Supposed one business running under partnership and turnover crossed 1 crore and want to file income tax return under section 44AD what accounts need to be audited.
CA Sumiit B Nagpal
(Expert)
15 November 2019
If the turnover doesn’t exceed 2 crore l and profit is shown @ 8%( 6% in case of digital/ banking channels receipt) or a higher sum , then no need of audit under section 44AD rws 44AB. If profit is shown less than 6/8 % as the case may be , books need to be maintained u/a 44AA and audit needs to be carried out. Also kindly note some businesses like agency business, professionals etc can’t avail the benefit u/s 44AD.
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