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44ADA and Tax audit
a partnership firm in consultancy business having small turnover of 9 lakh has tax deducted at souce by client u/s 194J. is it compulsory to declare profit for such small entity @ 50% ? they do not have that much profit also. is it compulsory to do tax audit if profit is to be shown under 50% ? plz guide
Replies (4)
if you have maintained books of accounts then you can show profit less than 50%, as presumptive taxation apply only if you are filing under section 4ADA.
But Bar for professionals has been set at 50%. if profit less than that, audit is compulsory as per many people view.
yes it is compulsory to do tax audit
declare 50% or more under 44ada or audit your books and show less than that
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