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applicability of compulsory audit

03 June 2018

our partnership firm engaged in providing housekeeping and maintenance services.our turnover for ay 18_19 is below 2 crores .do we need compulsory audit

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5 Replies

mayur ray (13 Points)
Replied 03 June 2018

No as per 44AD.

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CA RAKESH JESWANI (3) (165 Points)
Replied 03 June 2018

No as per 44AD.

srikanth naidu (2 Points)
Replied 03 June 2018

in case if your turnover exceed 1cr and less than 2cr u had a option to opt for 44AD or tax audit. Here if you follow 44AD you need to show 8% or more netprofit on turnover .in case if the profit is less than 8% you need to go under tax audit.The second option is if your turnover is more than 2cr them TAX audit is mandatory

Ram Agrahari (250 Points)
Replied 03 June 2018

and one thing if you opt for 44ad if TO is below 2 crore.. than for next five years you have to follow the same and have to offer 8percent of tTO as taxable income