Tax audit required or not?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 July 2017
Hi Experts
I am confused regarding applicability of Section 44AB and 44AD.
My client is a Partnership firm with turnover of Rs. 1.53 crore for FY 2016-2017 and Profit shown is Rs. 16.00 Lacs.
Whether Tax audit is required in above case? if yes, please support with relevant section.
I shall be highly thankful to you.
Sunny
I am confused regarding applicability of Section 44AB and 44AD.
My client is a Partnership firm with turnover of Rs. 1.53 crore for FY 2016-2017 and Profit shown is Rs. 16.00 Lacs.
Whether Tax audit is required in above case? if yes, please support with relevant section.
I shall be highly thankful to you.
Sunny
26 July 2017
https://www.charteredclub.com/tax-audit/
https://www.charteredclub.com/section-44ad/
https://www.charteredclub.com/section-44ad/
26 July 2017
Simply understands.....
You can file U/s. 44AB with tax audit you can show the profit as per books of accounts....
You can file U/s. 44AD without tax audit (8%) you can show the profit as per law above 8%....
44AB limit - Rs. 1Crore - (You can show profit as any amount)
44AD limit - Rs. 2Crore - (You show the profit 8% is Must)
You can file U/s. 44AB with tax audit you can show the profit as per books of accounts....
You can file U/s. 44AD without tax audit (8%) you can show the profit as per law above 8%....
44AB limit - Rs. 1Crore - (You can show profit as any amount)
44AD limit - Rs. 2Crore - (You show the profit 8% is Must)
Message likes :
1 times
Studentsca
(Expert)
26 July 2017
Tax audit is required or not depends upon whether you want to opt for 44AD or not.
If you opt for 44AD then no tax audit is required.
If you do not opt for 44 AD then you will be required to do tax audit under section 44AB.
If you opt for 44AD then no tax audit is required.
If you do not opt for 44 AD then you will be required to do tax audit under section 44AB.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Query on effect of registration of property
- GST on reimbursement of expenses
- Visiting card purchase
- Wrong CMPo8 file
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Number of years as per AS amortisation of Goodwill
- Whether output tax is taken credit by purchaser
- Equity Share Sale and Purchase
- Additional trade name
- Foriegn assets disclosure
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
