44ab audit required or not

deepak ( Practising CA) (34 Points)

12 March 2018

In case Of partnership Firms,

If net profit % bfore deducting interest & remmuneration is more than 8%

but np % after deducting interest & remmuneartion is below 8%,

is it required to tax audit under 44ab for AY 2017-18

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3 Replies

abhilash (student) (411 Points)
Replied 13 March 2018

RAJA P M ("Do the Right Thing...!!!") (127911 Points)
Replied 13 March 2018

Yes...
Tax Audit required if you are shown the Net Profit less than 8 percentage in AY 17-18...

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Mukesh Kumar (Accounts Manager) (1466 Points)
Replied 13 March 2018

DEEPAK SIR ,

Turnover Limit for Audit

Category of Taxpayer	FY 2016-17 Onwards
Business (Not opting Presumptive Income Scheme)	1 crores
Professionals(Not opting Presumptive Income Scheme)	50 Lakhs
Business opting Presumptive Income scheme u/s 44AD	2 crores
Professionals opting Presumptive Income scheme u/s 44ADA	50 lakhs