whether partnership firm having loss is required to be audited u/s 44AB?. I had read section 44AD and 44AB and made a conclution that, audit is not required since the income does not exceed maximum amount not chargeable to tax.
kindly advise me. thanks in advance
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44 AB audit
Replies (3)
No, not liable for tax audits.
in my opinion audit is compulsory under section 44AB only if profit declared is less than 8% and the same exceeds maximum amount not chargeable to tax .
But the same is not applicable for partnership , since there is no basic exemption limit available for it, and moreover it is taxed at flat 30%
Hence, it may be interpreted that is case of loss of partnership , audit is compulsory under section 44AB .
But the same is not applicable for partnership , since there is no basic exemption limit available for it, and moreover it is taxed at flat 30%
Hence, it may be interpreted that is case of loss of partnership , audit is compulsory under section 44AB .
i also interpreted as you said....but i am not able to make a final conclusion.
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