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
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.
| Originally posted by : Dhirajlal Rambhia | ||
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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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