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PARTNERSHIP AUDIT UNDER 44AB

This query is : Resolved 
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(Querist)
01 September 2023 1).FIRM NEWLY INCORPORATED IN FY 22-23 HAVING TURNOVER OF 48 LAKH AND ASSESSESS WANT TO FILE RETURN OF INCOME BY SHOWING PROFIT OF RS. 48000 WITHOUT AUDIT , IS IT POSSIBLE AS CASH RECEIPT AND PAYMENT EXCEEDS 5% LIMIT

2) OR IT IS COMPULSORY COVERED BY AUDIT AS SHOWING PROFIT LESS THAN 8% AS PER 44AD??
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
01 September 2023 1 yes, it's possible in view of it's new firm not opted for 44AD earlier.
2 No.
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