Menu
Audit sec??
I am a partner in a firm having turnover around Rs 30L having profit Rs.68k. Which tax audit clause is applicable?? If firm is in loss, Can I file return without auditing books of account??
Replies (3)
Since turnover is 30 lakhs, tax audit is not required under 44AB
Yes - Firm is in loss it's okay. But turnover has to be less than 1 Crore, then firm can file ITR without auditing books of account.
Yes - Firm is in loss it's okay. But turnover has to be less than 1 Crore, then firm can file ITR without auditing books of account.
I am not offering a profit of 8% of 30Lakhs, and my profits exceeds minimum amount chargeable to Tax, Will ther is any requirement of audit of books of account (Sec 44AD)???
The section 44AD requires minimum profit of 8% (6% on digital payments) on turnover or actual profit whichever is higher.
So if you show more profit (above minimum) there is no audit requirement . On the contrary you are bound to show actual profit.
So if you show more profit (above minimum) there is no audit requirement . On the contrary you are bound to show actual profit.
Recent Threads
- Paying Rent in Cash: This Could Trigger an Income
- Market Down, Portfolio Down: Need suggestions for
- How much tax is payable If I withdraw my mutual fu
- GST Penalty Provisions under Section 73 vs Section
- How VFA Academy Helps Traders Build Discipline and
- GSTR-3B Relationship
- Section 194T: TDS on Payments to Partners: Applica
- Tax planning with HUF
- FCN ( Financial Credit Notes) Treatement in Books
- Indemnity bond notarization for Income Tax (NRI ou
Related Threads
CAclubindia
