Itr of partnership firm
This query is : Open
Anuj verma
(Querist)
17 May 2018
R/All
A partnership firm having total sale in f.y 2017-18 is Rs- 25,28,707.00
Net profit will be approx- 58,000
do we need to get our account audited or we can file our ITR without audit.
kindly suggest
regards
A partnership firm having total sale in f.y 2017-18 is Rs- 25,28,707.00
Net profit will be approx- 58,000
do we need to get our account audited or we can file our ITR without audit.
kindly suggest
regards
17 May 2018
You have not mentioned the nature of business. Anyways since the profit is 2.29% which is less than the minimum profit provided under Section 44AD (i.e. 8%) and also 44ADA (i.e. 50%) you are required to maintain books of accounts and get also get your accounts audited.
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18 May 2018
Yes... The Firm's accounts will be audit u/s 44ab. Bcoz, the minimum profit of 8% not available as per the above said value...
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