Tax audit at turnover of 88lacs

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gaurav dhanuka (Querist)
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13 September 2013 if a partnership firm has turnover of 88lacs and i m filing return within due date..is the tax audit of accounts mandatory?? please elaborate on tax audit.

CA Pallav Singhania

CA Pallav Singhania (Expert)
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13 September 2013 The 44AB section stipulates that every person carrying on business or profession is required to get his accounts audited by a chartered accountant before the "specified date" and furnish by that date the report of such audit, if the total sales,
Turnover or gross receipts exceed Rs.60 lakhs(100 lakhs from financial year 2012-13) in the case of business and gross receipts exceed Rs.15 lakhs (25 lakhs from financial year 2012-13) in the case of profession - vide clauses (a) and (b) of section 44AB.

In your Case Tax Audit is not applicable don't worry...

CA Pallav Singhania

CA Pallav Singhania (Expert)
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13 September 2013 However,
Audit u/s 44AD is applicable when:-

> turnover less than 1 crore.
> profit shown less than 8% of turnover..

there is two choices:

1. Show 8 percent Net profit, file ITR 4S.
2. Get books of Accounts Audited, file ITR 4

Barish Agrawal

Barish Agrawal (Expert)
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19 September 2013 Aryan for partnership firm ITR 4S and ITR4 both are not applicable. Form for firm is ITR 5.

CA Pallav Singhania

CA Pallav Singhania (Expert)
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19 September 2013 @ Barish ji
Thanks for the Correction...

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