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)
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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.
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