Audit liability u/s 44ad of 44ab

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

14 June 2016 dear all
partnership firm having sale of rs. 30 lakh, and net loss of rs. 2 lakh. for fy 2015-16 ay 2016-17.
is required to conduct audit u/s 44AD of 44AB of income tax act.
thanks

Rupesh Jain

Rupesh Jain (Expert)
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14 June 2016 yes, your income is below 8% of the sale, then you have to take audit report.

Querist : Anonymous

Querist : Anonymous (Querist)

14 June 2016 however as per sec 44ad (5) no tax audit is required
if eligible assessee who claims that his profit and gain from the eligible business are lower than 8% and whose total income not exceeds the maximum amount which is chargeable to income tax.

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Querist : Anonymous

Querist : Anonymous (Querist)

14 June 2016 is now as per section 44ad(5) of income tax act
is firm required to conduct tax audit ?
if total sales is rs. 30Lakh, and Net loss of rs. 2 LAkh for ay 16-17, Fy 15-16.