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 Topics :
- Will my TDS be deducted as NRI?
- PENSION ARREAR RECEIVED - EPS 95 SCHEME
- Processing of Form 144 (prev 27Q)
- Capital Gain on sale of Vacant Land- Whether Demol
- Hello dear I want help .
- Category B/D pop up after the file is e verified
- Section 56(2)(x)(xi) applicability to compensation
- How to claim exempt income u/s 10(26) in ITR-1 of
- 63053900 tax rate
- Clubbing of deceased's income
Related Topics :
CAclubindia
