Liability to conduct tax audot in case of partnership firm
This query is : Resolved
07 September 2019
OUR PARTNERSHIP FIRM HAS TURNOVER OF Rs. 7 lakhs,, & PROFIT of Rs 4000 ..ARE WE LIABLE TO GET OUR ACCOUNTS AUDITED UNDER INCOME TAX ACT?
07 September 2019
Yes tax audit required as you are declaring less than 8% profit.
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