Section 44ab r/w section 44ad
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 August 2017
Respect Sir,
What if a partnership firm(non LLP being eligible assesse) having turnover less than 2 crore with profit before allowing partner's interest and remuneration more than 8 percent but after allowing partner's interest and remuneration as per section 44(b) profit falls below 8 percent .whether firm can go for audit under section 44AB or should declare profit more than 8 percent.
What if a partnership firm(non LLP being eligible assesse) having turnover less than 2 crore with profit before allowing partner's interest and remuneration more than 8 percent but after allowing partner's interest and remuneration as per section 44(b) profit falls below 8 percent .whether firm can go for audit under section 44AB or should declare profit more than 8 percent.
Nikhil Kaushik
(Expert)
06 August 2017
its your choice.....you can take any option you want.
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Studentsca
(Expert)
06 August 2017
If you are ok with showing profit at more than 8% then go for section 44 AD.
However if you are not then your only option is to go for Tax Audit under section 44AB.
However if you are not then your only option is to go for Tax Audit under section 44AB.
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06 August 2017
Yes....
You can show profit 8% after all deductions then you can file u/s 44AD.
if not, You can go to Audit u/s 44AB...
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