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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

Answer ID : 85138

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