Profit under section 44ad
Yasir (article assistant ) (455 Points)
30 August 2020
can i show the profit below 8% of a partnership firm
6 Replies
Sagar Patel
(Tax and Business Consultant)
(11611 Points)
Replied 30 August 2020
Yes, You can Show...
But in that case Maintenance of Books of account and Tax audit of Account u/s 44AB is mandatory..You are required to get books of Account audited in that case.
But in that case Maintenance of Books of account and Tax audit of Account u/s 44AB is mandatory..You are required to get books of Account audited in that case.
Ashutosh kumar Singh
(Student)
(73 Points)
Replied 30 August 2020
You can show profit below 8% and no tax audit is required if turnover does not exceed 1 crore
dhiraj kabra
(article)
(217 Points)
Replied 30 August 2020
Yes you can show but you have to go for audit as said by sagar patel
Ashutosh kumar Singh
(Student)
(73 Points)
Replied 30 August 2020
The answer I gave is when you show income under normal provisions but if you opt for 44AD then show below 8% or 6% as the case maybe maintenance of books and tax audit is required
Harshit Jain
(132 Points)
Replied 31 August 2020
Yes you can but then section 44AA(Maintenance of books of accounts) and 44AB(Tax Audit) will be applicable
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