partnership firm following normal provisions that means not adopting 44AD , having T/O ₹90 lacs and profit of ₹3 lacs, whether audit is required under sec 44AB in this case??
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Audit required?
Replies (10)
Audit is not required until turnover exceeds rs. 1 cr
Tax audit is required u/s 44 Ab if turnover is exceeding Rs 2 cr. In your case there is no requirement of tax audit
Not required as Turnover in not increase beyond₹1 crore u/s 44AB of IT act.
IN MY OPINION AUDIT REQUIRED IF YOU DISCLOSE LESS THAN 8% OF TOTAL TURN OVER IF YOUR TURN OVER IS LESS THAN THE PRESCRIBED THRESHOLD LIMIT UNDER 44AB. EXPERTS SUGGESTIONS ARE AWAITED
Yes... I agreed to Mr Rama Krishnan.,
Tax Audit required for above said details. Based on T/O profit is less than 8 percent. So, Tax Audit required in the PARTNERSHIP FIRM...
Tax Audit required for above said details. Based on T/O profit is less than 8 percent. So, Tax Audit required in the PARTNERSHIP FIRM...
Yes, I too agree with all the above views.
Yes Agree depend on book profit
| Originally posted by : Vinod Babu | ||
 |
Yes, I too agree with all the above views. |  |
Dear.,
Here two opposite replies posted. Are You agree both replies without stands?
please note that 44AB requirement is 1 cr only. it is 44D that goes upto 2 cr
It's partnership firm Sir...
He don't want file 44AD.....
Excpet 44AB the firm will be shown 8% profit....
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