Liability for tax audit u/s 44ada


vikram tiwari (nothing)     20 October 2019

vikram tiwari
nothing 
 1 likes  49 points

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one of my friends working with partnership firm which provides cleanical services to pharmaceuticals company's.
last year ie a.y 18-19 firm audit had been conducted u/s 44ada.
in the present year firm turnover is 72lacs.and tds deducted u/s 194J.
so my question is
is their any liability of tax audit in current year if firm profit is RS 800000/-
or can firm declared his profit u/s 44ad?

avater

Gaurav Sharma   20 October 2019

Gaurav Sharma

 6 likes  108 points

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Tax audit u/s 44AB is mandatory if turnover exceeds 50 lacs in case of specified profession


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