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44AD VS 44AB compulsion

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18 July 2024 Partnership having turnover around 60 lakhs filing first time income tax return than is it compulsory to carry out audit if shows profit lower than 6% as per 44 AD ( as 44AB Limit is 1 crore)

or

Can we file return showing lower profit below 6% with profit and loss account and balance sheet assuming not opting for 44AD
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
18 July 2024 we can file return showing lower profit below 6% with profit and loss account and balance sheet assuming not opting for 44AD
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jayesh khokhariya

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jayesh khokhariya (Querist)
18 July 2024 is their any compulsion to opt 44AD and to do compulsory audit u/s 44AB as we a are showing profit lower than 6%
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
18 July 2024 No. just declare it under normal assessment with books of accounts maintained.

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