FY 17-18 IT RERUN FILED UNDER 44AD partnership firm

[RAHUL GAIKWAD]

I have Filed partnership it return for FY 17-18 u/s 44AD and declares profit 9% my turnover was arounf 4lakh. Now I am want to File regular Return and declaring 5% profit my turnover is 10 lkah in FY 18-19 .

Can I file IT Return without Tax Audit.?

[Guest]

Hello Sir

Yes you can find the regular return. But then you can not opt for Sec 44AD for next 5 years. If your taxable income exceeds 250000, you will be required to maintain books of accounts and also get the tax audit done.

[RAHUL GAIKWAD]

For Partnership Firm Taxable Income starts from ₹ 1.? Then

AI Summary

Partnership Firm Shifts from Section 44AD, Faces 5-Year Restriction; Tax Audit Required if Income Exceeds 250K. A partnership firm filed its income tax return for FY 17-18 under Section 44AD, declaring a 9% profit on a turnover of approximately 4 lakh. For FY 18-19, the firm wishes to file a regular return, declaring a 5% profit on a turnover of 10 lakh, and inquires about the necessity of a tax audit. The response indicates that while a regular return can be filed, the firm cannot opt for Section 44AD for the next five years. If taxable income exceeds 250,000, maintaining books of accounts and conducting a tax audit is mandatory.