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Applicability of tax audit in case of partnership firm

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Querist : Anonymous

Querist : Anonymous (Querist)

18 August 2018 Suppose My net profit is showing 8.5% of sales before deducting interest on capital, but my net profit ratio is 6.4% after deducting interest on capital.. So am I required to do Tax Audit for the FY 17-18 ?
Please advice ..

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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18 August 2018 Yes tax audit applicable.

Querist : Anonymous

Querist : Anonymous (Querist)

18 August 2018 Thanks for the reply, now one more query suppose I am providing depreciation @3% in my books and the IT is allowing me 10% so my taxable income will be low ( may be below 8%).. so just confirming that it has nothing to do with tax audit.. Please confirm ..

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