Assessee is a partnership firm. For F.Y. 2018/19
Turnover : 96,00,000
Net loss after partners remuneration is -421
Net profit before partners remuneration is 2,74,000
Wheather audit is applicable?
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Sec 44AD for firm
Replies (2)
Quick Summary
If you are filing return u/s 44AD Presumptive taxation , than tax audit is compulsory because you show your net profit bellow 8%, 6% as the case may be.
if You are filing return, not under prespative Taxation but under normal schemes than for applicability of tax audit other criteria also required to be checked.
if You are filing return, not under prespative Taxation but under normal schemes than for applicability of tax audit other criteria also required to be checked.
Under sec 44AD it is specifically written that if your net profit is less then 6/8 % you are compulsorly required to get tax audit.
you are showing Net loss which is less then 6/8% therefore Tax Audit is mandatory for you.
you are showing Net loss which is less then 6/8% therefore Tax Audit is mandatory for you.
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