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
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.
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.