Section 44ad
This query is : Resolved
21 July 2018
FOR ASST YEAR 208-19
MY TURNOVER IS 2013663
REMUNERATION PAID TO PARTNERS RS 80000/-
INTEREST ON CAPITAL PAID TO PARTNERS @ 9% RS 61279/-
NET TAXABLE PROFIT IS 23325/-
PLEASE ADVISE ME WHETHER I HAVE TO AUDIT MY BOOKS OF ACCOUNTS OR I CAN FILE RETURN U/S 44AD.
THANKS
MY TURNOVER IS 2013663
REMUNERATION PAID TO PARTNERS RS 80000/-
INTEREST ON CAPITAL PAID TO PARTNERS @ 9% RS 61279/-
NET TAXABLE PROFIT IS 23325/-
PLEASE ADVISE ME WHETHER I HAVE TO AUDIT MY BOOKS OF ACCOUNTS OR I CAN FILE RETURN U/S 44AD.
THANKS
21 July 2018
Though the limit for audit of books of accounts is specified under section 44AB and you are not a case for the same still you can not file your return under section 44AD and have get the books of accounts audited as your profit is below 8% and income is taxable (please refer section 44AB(e)
Disclaimer : The answer to the query is given on the basis of the query as understood by the author. Author shall not be responsible for any loss or damage caused for the action taken based on the answer. The querist is advised to take legal opinion before taking any action.
Disclaimer : The answer to the query is given on the basis of the query as understood by the author. Author shall not be responsible for any loss or damage caused for the action taken based on the answer. The querist is advised to take legal opinion before taking any action.
21 July 2018
You have to audit books of accounts as you are declaring profit less than 8%.
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