Income tax audit

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M M Vaghlea (Querist)
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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

Amol S Joglekar (Expert)
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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

M M Vaghlea

M M Vaghlea (Querist)
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30 September 2015 Thanks sir

Amol S Joglekar

Amol S Joglekar (Expert)
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30 September 2015 You are most welcome.
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