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TAX AUDIT

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10 December 2020 ONE OF MY CLIENT(PARTNERSHIT FIRM) HAVING GROSS RECEIPTS 18,00,000,AS IT IS LOWER THAN PRESCIBED LIMIT U/S 44AB WE CAN OFFER 8% AS INCOME U/S 44AD.IF WE OFFER INCOME U/S44AD PROFIT COMES TO 1,44,000 .
IF WE MAINTAIN BOOKS OF ACCOUNTS PROFIT COMES TO 20,000.
NOW I HAVE A DOUBT THAT,CAN WE OFFER PROFIT LESS THAN 8% BY MAINTAINING BOOKS OF ACCOUNTS ?
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CA Pawan Koradia

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CA Pawan Koradia (Expert)
10 December 2020 If you declare the net total income less than 8%/6% then audit is compulsory. Also keep in mind sub clause 4 of sec. 44AD.
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