Applicability of tax audit to partnership firm..

This query is : Resolved

Khushbu (Querist)
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29 June 2024 Dear sir/ Mam,

A partnership firm having nature of business of trading in equity, mf, f&o, pms etc... as per it's partnership deed.
During fy 23-24 it has t/o as below:

Sale of shares - 3079153
F & O t/o - 28388
PMS Sale value- 3806757
Commodity t/o - 171454

Total t/o - 7085752.

Is tax audit applicable???

Kindly give your valuable suggestion as soon as possible....

Thank you.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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29 June 2024 No, unless the firm had opted out from sec. 44AD IT act, in any earlier FIVE years.

Khushbu

Khushbu (Querist)
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01 July 2024 last year return filed without showing income at 8% & audit also not done for last year.

then tax audit applicable????

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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01 July 2024 As such no, as it seems sec. 44AD IT act was not opted.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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29 August 2024 Good Luck.

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