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Profit under section 44ad

Yasir (article assistant ) (432 Points)

30 August 2020

can i show the profit below 8% of a partnership firm

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6 Replies

Sagar Patel (Tax and Business Consultant) (11611 Points)
Replied 30 August 2020

Yes, You can Show...
But in that case Maintenance of Books of account and Tax audit of Account u/s 44AB is mandatory..You are required to get books of Account audited in that case.

Ashutosh kumar Singh (Student) (73 Points)
Replied 30 August 2020

You can show profit below 8% and no tax audit is required if turnover does not exceed 1 crore

dhiraj kabra (article) (217 Points)
Replied 30 August 2020

Yes you can show but you have to go for audit as said by sagar patel

abhay garg (Senior auditor) (110 Points)
Replied 30 August 2020

Agree with ashutosh kumar ji

Ashutosh kumar Singh (Student) (73 Points)
Replied 30 August 2020

The answer I gave is when you show income under normal provisions but if you opt for 44AD then show below 8% or 6% as the case maybe maintenance of books and tax audit is required