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
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.
CAclubindia
