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Maintaining books of account under section 44aa
Dear Members,
We are a partnership firm running a business centre and co-working space. Our gross turnover for the financial year 2016-17 is about 7,00,000/-. We have incurred a loss of about Rs.50,000/-. The previous year turnover was around Rs.3,50,000/-. Considering this scenario, please advice on the following:
1. Are we required to maintain books of account under Section 44AA?
2. Is tax audit compulsory for us, if we declare loss of Rs.50,000/-?
Please advice.
Replies (4)
if loss then 44AA is aplicable
If you opt for 44AD, tax audit will not be applicable for you and not required to maintain books since there is a loss
Books are to be Maintained if Loss is claimed.
Audit under 44AB will not be applicable where it is stated that if " Profit are claimed to be below 8% of Gross receipts - it needs to be audited "
Loss is not covered by " Profit below 8% "
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