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Filling balance sheet & profit loss a/c

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Querist : Anonymous

Querist : Anonymous (Querist)

02 September 2017 Dear Seniors.
We are partnership entity in FY 2016-17 our turnover is 33 Lacs However Net profit is 165788@5.02%

Pls clarify the following doubt :- since the income is not chargable to tax I.e. below 2.5 Lacs whether tax audit will be applicable,

If not whether Non audited balance sheet & profit/ loss a/c will be filled along with the return.

Thanks in Advance
Rohit singh

CA ALOK KUMAR

CA ALOK KUMAR (Expert)
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02 September 2017 Since net profit before distribution of Firm profit among partners, is less than 8% of turnover - It is mandatory to get accounts audited U/s 44AB.

Querist : Anonymous

Querist : Anonymous (Querist)

02 September 2017 But sir many CA are In the views that if income is not chargable to tax hence No audit. In which case it happened whether in the case of proprietary entity

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