Income tax audit
This query is : Resolved
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
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
30 September 2015
Thanks sir
30 September 2015
You are most welcome.
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