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Audit of accounts & tax computation

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Querist : Anonymous

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Querist : Anonymous (Querist)
20 December 2015 Partnership Firm ( Retail Business) T.O. Rs.30L
(Actual books maintained)Net Profit + Partners Remuneration + Partners Interest on Capital = 1.75L which is less than 8% of T.O.
Whether Audit required ? If not is there any any problem to file ITR 5
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
20 December 2015 yes, audit is required in this case. in any case ITR-5 is to be filed...
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Querist : Anonymous

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Querist : Anonymous (Querist)
20 December 2015 But it is not estimated income. full Books of Account maintained.




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