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.
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