Compulsory Audit Partnership Firm
This query is : Resolved
09 March 2022
Partnership firm Turnover Rs.25 lakhs and Net Profit Rs.50,000/- for the AY 2021-22 (i) Can Income Tax Return be filed without Tax Audit since Net Profit is less than 8% of Gross Receipts .
09 March 2022
As the net profit is less than the deemed profit of 8%, tax audit will be applicable. Income tax return is to be filed after uploading the tax audit report.
Or else opt for presumptive taxation declaring the profit of 8% and file the return with out any tax audit.
Or else opt for presumptive taxation declaring the profit of 8% and file the return with out any tax audit.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG Tax On residential property
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Eway bill for machinery reparing
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Gift of mutual fund units to daughter
- Annual return of gst limit
- Not able to file ITR
- TDS ON CASH WITHDRAWALS...
- Under construction property in ITR
- Building tax payment deduction in rental Income
- Foreign inward in ITR
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
