Income tax audit
This query is : Resolved
M M Vaghlea
(Querist)
30 September 2015
Dear sir please guide me in following situation whether partnership firm is required to get its books of accounts audited?
situation 1
Dose not opt for 44Ad
turnover is less than 1crore
incurred loss of rs 25000
Situation 2
does not opt for 44ad
turnover is less than 1cr
profit shown is less than 8%
situation 3
same as situation 2 except profit shown is 8% or more
situation 4
opt for 44ad
turnover less than 1 cr
profit shown less than 8%
situation 5
same as situation 4 except profit shown is 8% or more
Amol S Joglekar
(Expert)
30 September 2015
01 No
02 Yes (subject to partners salary)
03 No
04 what do you mean by opt for 44AD and still profit shown is less than 8%. Opting for 44 AD implies, profit shown is 8% or more
05 No
02 Yes (subject to partners salary)
03 No
04 what do you mean by opt for 44AD and still profit shown is less than 8%. Opting for 44 AD implies, profit shown is 8% or more
05 No
M M Vaghlea
(Querist)
30 September 2015
Thanks sir
Amol S Joglekar
(Expert)
30 September 2015
You are most welcome.
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