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
3 Replies
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 13 March 2018
Yes...
Tax Audit required if you are shown the Net Profit less than 8 percentage in AY 17-18...
Tax Audit required if you are shown the Net Profit less than 8 percentage in AY 17-18...
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 |
PRESUMPTIVE RATIO 8% FOR CASH SALE AND 6 % FOR DIGITEL SALE
AND IT IS CAMPARE TO NET PROFIT
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