sir
I want to know, in the case of a partnership firm, having loss in FY 16-17, and comes under section 44AD. my doubt is whether tax audit is applicable or not?
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tax audit applicability
Replies (11)
Minimum 8% profit on turnover is to be shown in I.T to avoid tax audit provided turnover is below limit, in above case as it is a loss it’s a tax audit
Tax Audit not applicable...
As per the provisions of Section 44AD if the net profit during the year is less than 8% of the gross turnover then books of accounts needs to be maintained and audited. Since in the given case the firm has incurred a loss during the year TAX AUDIT needs to be done.
In section 44AD (5) loss return can be file.
I would like to correct myself. Yes Mr. Raja is correct if the total incomet of the firm does not exceed the maximum amount chargeable to tax then as per Section 44AD(5) no audit needs to done.
sir
I want to know, My total Turnover for FY 2016 - 17 is 98 Lac and book profit is approx 5% . my doubt is whether tax audit is applicable or not?
| Originally posted by : monesh agrawal | ||
 |
sir I want to know, My total Turnover for FY 2016 - 17 is 98 Lac and book profit is approx 5% . my doubt is whether tax audit is applicable or not? |
 |
Yes... Applicable...
but sir i filed my non audited ITR 3 on 31 oct 2017 and audit due date for FY 2016-17 has expired, in that case what can i do?
Are You Individual???
| Originally posted by : monesh agrawal | ||
|
sir I want to know, My total Turnover for FY 2016 - 17 is 98 Lac and book profit is approx 5% . my doubt is whether tax audit is applicable or not? |
|
As you have shown your profit less than 6% or 8% as the case may be, audit is applicable.
Not applicable as the income is below limit of 1 crore
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