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Tax audit required

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226 Points Posted on 28 July 2018
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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On 28 July 2018 at 16:19 Report
Replies (8)
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"Do the Right Thing...!!!"
128147 Points Posted on 28 July 2018
1. If it's u/s 44AA then no need to Tax Audit.

2 & 3 - Tax Audit applicable.
463 Reply
On 28 July 2018 at 16:49
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Chartered Accountant
4524 Points Posted on 28 July 2018
In all your case, tax audit is not applicable.
25 Reply
On 28 July 2018 at 17:14
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"Do the Right Thing...!!!"
128147 Points Posted on 28 July 2018
Can You explain Mr. CA Sunil Kumar? Which condition tax audit not applicable for 2&3.
463 Reply
On 28 July 2018 at 17:17
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Chartered Accountant
4524 Points Posted on 28 July 2018
 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.
25 Reply
On 28 July 2018 at 17:19
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"Do the Right Thing...!!!"
128147 Points Posted on 28 July 2018
( if we read section 44AD carefully)

After read carefully, which amount is "Maximum Amount is Taxable" for "PARTNERSHIP FIRM".
463 Reply
On 28 July 2018 at 17:21
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Chartered Accountant
4524 Points Posted on 28 July 2018
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.
25 Reply
On 28 July 2018 at 17:24
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"Do the Right Thing...!!!"
128147 Points Posted on 28 July 2018
You mean u/s 44ad...?
or
44AA....?
463 Reply
On 28 July 2018 at 17:30
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"Do the Right Thing...!!!"
128147 Points Posted on 29 July 2018

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

463 Reply
On 29 July 2018 at 13:54


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