Applicability of tax audit to partnership firm..
This query is : Resolved
Quick Summary
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.
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
(Expert)
29 June 2024
No, unless the firm had opted out from sec. 44AD IT act, in any earlier FIVE years.
01 July 2024
last year return filed without showing income at 8% & audit also not done for last year.
then tax audit applicable????
then tax audit applicable????
Dhirajlal Rambhia
(Expert)
01 July 2024
As such no, as it seems sec. 44AD IT act was not opted.
Dhirajlal Rambhia
(Expert)
29 August 2024
Good Luck.
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