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Want to file return of income under 44ab and not 44ad for the ay 16-17
PARTNERSHIP FIRM ENGAGED IN THE BUSINESS OF TRADING AND HAVING TURNONER RS. 68 LAKHS AND NET PROFIT RS. 1.71 LAKHS DOES NOT WANT TO FILE ITS RETURN UNDER 44AD BUT INSTEAD WANTS TO FILE ITS RETURN UNDER THE NORMAL PROVISION OF THE IT ACT. CAN IT DO SO? AND/OR WILL AUDIT U/S. 44AB OF IT ACT BECOME APPLICABLE
Replies (3)
1. Yes you can file under normal course.
2. Audit u/s. 44AB not applicable in your case.
If your net profit is 8% or more before claiming interest on capital nd partners salary, then audit is not required.
In my opinion you have to show at least 8% profit (before interest and remuneration to partners). or you should get your accounts audited u/s 44AB. When you opt for audit you can claim interest and remuneration also.
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