gagan singla:
In case of proprietorship business if sales are Rs 60lacs and net profit is Rs 2.5lacs. and he can't want to file return under section 44AD.
In that case tax audit reqiured or not..
Also in case of partnership if there is no loss and no profit situation then in that case tax audit is required or not.
And last one in case of loss in partnership tax audit required or not..
Please reply..
2 Replies
Kavita Modi
(CA Job)
(232 Points)
Replied 27 July 2018
if you are showing profit less than limit mentioned in 44AD then you have to go for audit as profit turnover ratio is very low. secondly profit/ loss are not the criteria for deciding audit of firm is applicable or not . if there is a business in firm then you must go for audit until opting presumptive scheme.
Gagan Aggarwal
(226 Points)
Replied 27 July 2018
then what is the meaning of this line..
this line is given under sec 44ab
in case of 44AD
and his income exceeds the maximum amount which is not chargeable to income-tax in any previous year,
this line is given under sec 44ab
in case of 44AD
and his income exceeds the maximum amount which is not chargeable to income-tax in any previous year,
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