Dear Sir,
I have partnership firm & my Gross receipt is 26 lakh but my net profit is below 6% so is it liable for tax audit.
2 Replies
Tanuj Chandra Saxenaa
(Company Secretary)
(7075 Points)
Replied 14 December 2021
Yes Under Section 44 AD of Income tax Act 1961 Tax Audit will be Applicable
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178301 Points)
Replied 14 December 2021
Not if it be your first year of operation, or presumptive assessment u/s. 44AD was not opted in preceding year/s.
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