An Assesse is partnership firm being in first year of commencement of business having turnover is less than 1cr & Books of accounts shows a profit of less than 8% of turnover.
Is tax audit is mandatory in this case ?
Assesse does not want to adopt Sec 44 AD. Can Partnership Firm will File His Income Tax Return without Tax audit In ITR 3?
Can Limited Liability Partnership(exception u/s44AD) shows profit below 8%, and not having Tax Audit?
Hello Divakar,
Thank you for your respose.
But I have some concern about your answer. If LLP has turnover exceeds Rs.40 Lakhs or Capital contribution is more than Rs.25 Lakhs, in such case audit provision will be applicable. Mandatory Tax Audit is not applicable for LLP.
My concern is that since LLP is an exception to Section 44AD (i.e.Show Profit 8% or more), this is to be interpreted as I can show profit below 8%.
Also Tax Audit will it be applicable in above case?
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