In case of proprietorship business if sales are Rs 60lacs and net profit is Rs 2.5lacs. and he can't want to file return under section 44AD.
In that case tax audit reqiured or not..
Also in case of partnership if there is no loss and no profit situation then in that case tax audit is required or not.
And last one in case of loss in partnership tax audit required or not..
please reply...
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Tax audit required
Replies (8)
1. If it's u/s 44AA then no need to Tax Audit.
2 & 3 - Tax Audit applicable.
2 & 3 - Tax Audit applicable.
In all your case, tax audit is not applicable.
Can You explain Mr. CA Sunil Kumar? Which condition tax audit not applicable for 2&3.
if we read section 44AD carefully, the audit is required where profits are less than 8% of the gross receipts or turnover and the income exceeds maximum amount not chargeable to tax. Since, the firm is taxed at an income starting from Rs. one, therefore the maximum amount not chargeable to tax is nil.
( if we read section 44AD carefully)
After read carefully, which amount is "Maximum Amount is Taxable" for "PARTNERSHIP FIRM".
After read carefully, which amount is "Maximum Amount is Taxable" for "PARTNERSHIP FIRM".
Maximum amount not taxable in case of partnership firm is Zero, So tax audit is not applicable in case of loss or no profit/loss.
You mean u/s 44ad...?
or
44AA....?
or
44AA....?
Better to understanding When and Which conditions tax audit applicable as per sec 44AB with 44AD or 44AB or 44AD...
https://www.caclubindia.com/Forum/44-ad-and-partnership-income-after-salary-and-interest-432606.asp?offset=4
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