Is it necessary to do audit u/s 44AB if the profit is shown less than as reqd by 44ad
For Ex. A Partner ship firm having turnover of 42 lacs and loss of Rs.3 lacs
Is tax audit applicable in this case for A.y.2011-12?
Menu
Audit u/s 44ab
Replies (1)
to my understanding, if the turnover or sales exceeds 40 lacs in general 44ab is applicable.
if the assessee is carrying in the business referred u/s 44AD, having income exceeding basic exemption limit and declaring income lower than prescribed u/s 44AD, sec 44AB is applicable.
8% of the turnover will be presumptive income - interest-salary-remuneartion to partners. the balance will be chargeable to tax.
so in ur case if u declared lower income then 44AB is applicable
Recent Topic
- Set off of LTCL against STCG under section 536(2n)
- Audit Workflow tool
- Is CA through direct entry easy for a commerce stu
- Dividend and withholding tax - DTAA- RSU
- NRI Query: Capital Gains Tax Exemption under Secti
- Royalty payment to UK
- Calculate ITR2 tax with equity and non equity prof
- LTCG on residential property sale - Rebate?
- TDS MISMATCH AND AIS
- Return filing for intervening period upto date of
Related Topics
CAclubindia
