Question ID :
44539
082701
A Proprietorship firm with turnover less than 1 Crore and Net Profit exceeding 2.50 Lacs but less than 8%/6% does not required Tax Audit but has to file ITR in Form ITR 3. Am I correct
Posted by
Mahesh Kumar
on
Aug 24, 2023
Filed Under
DIRECT TAXES
Yes, since one of the condition per 44AD(5) is not satisfied.
Posted by
B.CHACKRAPANI WARRIER on
Aug 24, 2023
Answer ID :
85139
Tax audit to be done as income is above basic exemption limit
Posted by
VINAY BHARGAV KUMAR G on
Aug 25, 2023