Partneship firm taxability UNDER 44AB

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This discussion addresses whether a partnership firm with a turnover of Rs. 44 lakh, aiming for a 1% profit declaration, is required to undergo an audit under Section 44AB(a). It clarifies that maintaining books of account is not compulsory if the firm wishes to file a normal return of income without an audit, despite potential utility errors indicating otherwise.

jayesh khokhariya

jayesh khokhariya (Querist)
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17 August 2023 Firm having turnover of Rs. 44 lakh wants declare profit around to 1% so it is compulsory to go for audit u/s 44AB(a).
firm newly incorporated in FY 2022-23 and filing first time income tax return
QUESTION

1). IF FIRM WANT TO FILE NORMAL RETURN OF INCOME WITHOUT AUDIT THAN MAINTENANCE OF BOOKS OF ACCOUNT IS COMPULSORY??

2). AT THE TIME OF FILING RETURN UTILITY SHOWING ERROR THAT YOU HAVE NOT MAINTAINED BOOKS OF ACCOUNT