TAX AUDIT U/S 44AB PARTNERSHIP FIRM

This query is : Resolved

T.T.VIJAYAPRAKASH

T.T.VIJAYAPRAKASH (Querist)
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14 February 2020 SIR'
WHEN A PARTNERSHIP FIRM BOOK OF ACCOUNTS AND TURNOVER OF THE FIRM IS BLEOW ONE CRORE AND PROFIT IS BELOW 8%(INCLUDING PARTNER SALARY AND INTEREST)
SALES RS.70.00 LAKS
SALARY & INTEREST RS.3.80 LAKS
NETP PROFIT RS. 10,000/-
IF APPLICABLE U.D 44AB OR 44AD
THANKS

Zeal Bangdiwala

Zeal Bangdiwala (Expert)
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15 February 2020 Sir,
You cannot file return u/s 44AD with declaring profit lower than 8%. If you want to continue showing profit below 8% then you need to get the books of accounts audited u/s 44AB.

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