7 Replies
Shivakumar the great
(14 Points)
Replied 07 September 2019
This profit after remuneration and interest or before of that
Pranav Aggarwal
(525 Points)
Replied 07 September 2019
as per section 44AB, if turnover exceeds 1 Cr in a year and not opt 44AD upto 2 Cr, then firm required to tax audit
Suresh Thiyagarajan
(Student)
(3986 Points)
Replied 07 September 2019
1. As per sec 44AB only if the T.O or gross receipts exceeds Rs. 1 crore during the year tax audit will be applicable.
2. In your case since the T.O is only Rs. 5 lakhs tax audit will not be applicable.
Please correct me if the above solution has an alternative view.
Shivakumar the great
(14 Points)
Replied 08 September 2019
if profit is less than 8%, tax audit will be applicable
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 08 September 2019
@ Saurabh.,
As per sec 44AB tax audit applicable if turn over exceeding 1cr.
As per Your T/O Tax Audit not applicable and file Your ITR u/s 44AA then no problem profit less than 8%.
In case You will opt sec 44ad then You must show profit 8%/6% as per section.
As per sec 44AB tax audit applicable if turn over exceeding 1cr.
As per Your T/O Tax Audit not applicable and file Your ITR u/s 44AA then no problem profit less than 8%.
In case You will opt sec 44ad then You must show profit 8%/6% as per section.
debora M
(BUSINESS DEVELOPMENT MANAGER)
(1697 Points)
Replied 11 September 2019
Partnership firms involved in profession with gross receipts of more than Rs.50 lakhs must complete a tax audit. Partnership firm involved in doing business must complete tax audit, if sales turnover exceeds Rs.1 crores.
Partnership firms involved in carrying on a specified profession would be required to maintain book of accounts as per Income Tax Act, if gross receipts is more than Rs.1.5 lakhs in all three previous years.
In case a partnership firm is receiving income profession (other than specified profession), book of accounts must be mandatorily maintained if income exceeds Rs.2.5 lakhs in any one of the three years previous year.
In case a partnership is involved in business, then maintenance of books of account is mandatory if total sales turnover or gross receipts exceed Rs.25 lakhs in any one of the three preceding years.
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