TaxTMI 
TaxTMI 
sec 44AB requirement for below one crore turnover.
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....ec 44AB requirement for below one crore turnover. <br> Query (Issue) Started By: - giri gattupalli Dated:- 8-9-2026 Income Tax <br> Got 1 Replies <br> Income Tax<br> <br> respected sir, 1. one of my c....
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....lient is a partnership firm 2. during AY 2025-26 turnover two crores and got audited under sec 44AB. 3. during AY 2026-27 turnover is 44 lakhs and as per books net profit is 56,000 only. and business ....
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....also closed. 4. being a partnership firm filing of ITR is mandatory. 5. please suggest whether audit under sec 44AB required to declare actual profit that is 56,000. please discuss.... --Reply By: San....
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....jeev Agarwal The Reply: If the firm wants to file AY 2026-27 declaring actual book profit of Rs. 56,000 on turnover of Rs. 44 lakh, I would recommend getting the accounts audited under section 44AB....
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.... and filing the return accordingly. The argument that "turnover is only Rs. 44 lakh, therefore no 44AB audit" is incomplete, because it overlooks the low-profit declaration trigger under section 44AB(....
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....e) read with section 44AD. Risk classification: Strong, subject to verifying the firm's section 44AD history and the exact nature/composition of the Rs. 44 lakh receipts. <br>***<br> ....
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