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
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
- Refund Annexure-B
- TDS Claim year
- Liable to deduct tds and 44ADA
- Refund of 20%pre-deposit paid for stay application
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- TDS Challan Code
- CCFS 2026 Schemed
- ECO SUPPLY REPORTIONG IN GSTR-1
- ASISSE return under the provisions of the Collection of Statistics Act, 2008 (7 of 2009)
- House Property Reporting in ITR
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
