my partnership firm for FY2018/19 turnover is 15 lac.
I have income 18000₹ only.
I don't want to opt 44AD.
can tax audit is compulsory and which ITR will file
1. According to sec 44AB tax audit will be applicable only if your Gross receipts or T.O exceeds Rs. 1 crore during the year.
2. In the above case since your T.O is only Rs. 15 lakhs tax audit u/s 44AB will not be applicable even if you don’t opt for presumptive taxation scheme u/s 44AD.
3. In your case, ITR-3 can be filed.
Please correct me if the above solution has an alternative view.
You are welcome Sir
In my opinion, Income from partnership firm is Rs 18000/- which is less than 6%/8% of the total turnover plus income is more than maximum exemption limit. So you are required to get audited books of accounts of partnership firm, If opted for 44AD in previous year.
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