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Books of accounts are maintained but is audit u/s. 44ab of it act necessary? if
In Financial Year 15-16 the sale turnover is 68 lakhs and net profit is only 1.71 lakhs in case of a partnership firm engaged in the bus. of trading pls clarify.
Replies (3)
no 44AB tax audit limit 1 correct
but under section 44Ad u should offer 8% of the turnover
but net profit below 8% so should u audit compulsorily
but net profit below 8% so should u audit compulsorily
Having opted for 44AD, if you declare lower income (than 8% of turnover), you need to:
- maintain books of account as per 44AA,
- get books audited u/s 44AB,
provided the income exceeds exemption limit. But in case of firm, there is no exemption limit. Hence I think 44AB is attracted.
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