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Itr of partnership firm

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(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
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
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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RAJA P M

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RAJA P M (Expert)
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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