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


Accounting Staff

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

 
Reply   
 
KVO Merau Kutchh

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.

 
Reply   
 

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.

 

 
Reply   
 

LEAVE A REPLY

Your are not logged in . Please login to post replies

Click here to Login / Register  

 


×

  CCI MENU