Is it necessary to do audit u/s 44AB if the profit is shown less than as reqd by 44ad
For Ex. A Partner ship firm having turnover of 42 lacs and loss of Rs.3 lacs
Is tax audit applicable in this case for A.y.2011-12?
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Audit u/s 44ab
Replies (1)
to my understanding, if the turnover or sales exceeds 40 lacs in general 44ab is applicable.
if the assessee is carrying in the business referred u/s 44AD, having income exceeding basic exemption limit and declaring income lower than prescribed u/s 44AD, sec 44AB is applicable.
8% of the turnover will be presumptive income - interest-salary-remuneartion to partners. the balance will be chargeable to tax.
so in ur case if u declared lower income then 44AB is applicable
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