Partnership Firm CA
This query is : Resolved
Quick Summary
MAKARAND DAMLE
(Querist)
29 July 2023
Our is Chartered Accountant Firm having fees below Rs.50 Lakhs
We are not opting for presumptive taxation u/s 44ADA
Software through we are compiling and filing Income Tax Return gives following warning
As the profit is less than 50% of the Turnover, you are liable to get your accounts audited u/s 44AB. Hence, get your accounts audited, fill up Tax audit data in 'ITR Data entry' window and '3CD' window and select the Due date as '31-Oct-2023 - Audit case' in 'Home' page. Alternatively, declare minimum profit of 50% on Turnover u/s 44ADA. However, if you disagree, you can ignore this warning and generate ITR.
Is Tax audit applicable in our case
We are not opting for presumptive taxation u/s 44ADA
Software through we are compiling and filing Income Tax Return gives following warning
As the profit is less than 50% of the Turnover, you are liable to get your accounts audited u/s 44AB. Hence, get your accounts audited, fill up Tax audit data in 'ITR Data entry' window and '3CD' window and select the Due date as '31-Oct-2023 - Audit case' in 'Home' page. Alternatively, declare minimum profit of 50% on Turnover u/s 44ADA. However, if you disagree, you can ignore this warning and generate ITR.
Is Tax audit applicable in our case
29 July 2023
Yes, for the professionals covered u/s. 44AA(1), the minimum profit margin of 50% is mandatory.
12 September 2024
Good Luck.
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