ICICI

Threshold limit for applicability of u/s 44ab of income tax act, 1961


Yuvakishore (Accounting Staff)     22 July 2019

Yuvakishore
Accounting Staff 
 39 points

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Dear Sir,

Thanks for your precious time, is there any threshold limit available for partnership firm, mandatory to maintain books of accounts under section 44AB of income tax, as a partnership firm having turnover of 1.7 crore during the FY 2018-19, does it needs to be audited by auditor or can file income tax returns by itself. please clarify. if any any documentary evidences also its good for us..

Regards,

Yuva

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Dhirajlal Rambhia (KVO Merau Kutchh)     22 July 2019

Dhirajlal Rambhia
KVO Merau Kutchh 
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Yes, as per sec. 44AB tax audit limit for business firm is 1 Cr.

If your business is eligible for sec. 44AD, then you can file return without tax audit; but minimum profit to be declared is 6 % for banking mode turnover & 8% over cash turnover.

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Neeti Mohab   22 July 2019

Neeti Mohab

 13 points

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Originally posted by : Dhirajlal Rambhia
Yes, as per sec. 44AB tax audit limit for business firm is 1 Cr.

If your business is eligible for sec. 44AD, then you can file return without tax audit; but minimum profit to be declared is 6 % for banking mode turnover & 8% over cash turnover.

 


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