As per section 44AD(5) if the total income exceeds the maximum amount chargeable to tax and the assessee does not avail the provision of 44AD(1) then audit is required u/s 44AB.
In case of partnership firm the profit arrived after charging interest on partners capital & partners remuneration is below 8% of gross receipts then audit u/s 44AB required?
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Requirement of audit u/s 44AB
Replies (2)
Yes... Tax Audit applicable if Profit is less than the limit.
Note :
From AY 17-18 if Partnership firm opt u/s 44ad then no way for claim Remuneration and Interest.
Note :
From AY 17-18 if Partnership firm opt u/s 44ad then no way for claim Remuneration and Interest.
thank u
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