Audit of partnership firm
This query is : Resolved
27 July 2013
respected sir,
we are partnership firm and doing trading of building material such as cement, bricks etc. my question is that for f.y 2012-2013our total turn over worth rs 89,00,000 and net profit is 26500 rs, shall we liable for audit or not and if liable then under incometax section.
we are partnership firm and doing trading of building material such as cement, bricks etc. my question is that for f.y 2012-2013our total turn over worth rs 89,00,000 and net profit is 26500 rs, shall we liable for audit or not and if liable then under incometax section.
CA PARAS BAFNA
(Expert)
27 July 2013
As per section 44AD(5) Tax audit is applicable to you if your income exceeds the maximum amount on which tax is not leviable.
.
In the case of firm if (Net Profit + Interest to partners +Remuneration (as per IT Act is) > or = 8% of turnover then Tax audit is not required.
.
.
In the case of firm if (Net Profit + Interest to partners +Remuneration (as per IT Act is) > or = 8% of turnover then Tax audit is not required.
.
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