Tax Audit
This query is : Resolved
12 September 2020
A Firm has a turnover of Rs. 3 crores and satisfies the condition regarding cash payments / receipts being less than 5% of turnover.
My question is whether the firm can declare income less than 8%/6% or loss and still not get its accounts audited and file its return?
As the limit for section 44AD is turnover of Rs. 2 crore.
My question is whether the firm can declare income less than 8%/6% or loss and still not get its accounts audited and file its return?
As the limit for section 44AD is turnover of Rs. 2 crore.
12 September 2020
Accounts need not be audited u/s proviso to 44AB(a). So return can be filed as per book results.
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