Dear Sir,
I am running a partnership firm and every year my tax person files return under Sec 44 AD ( as I can see that ITR-V as last filled return) Now, my query is that my tax person said that you have to ask CA to do an audit of accounts as it is mandatory to do the same. but as I have understood through income tax notification we can do the same without these documents and tax will be charged @ 8%. Please clarify
For section 44AD.......... the limit of business turnover has been amended to 2 Cr.
So, if you carry out any eligible business......... the section 44AD gives you option to declare minimum 8% profit (without deduction of any other expenses including partners' salary, interest etc....) and as such can get relief from TAX AUDIT u/s. 44AB.
CAclubindia
