Partnership firm
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 July 2017
Is it compulsory to maintain 6% profit on turnover in the case of Partnership Firm as per latest updates?
Nikhil Kaushik
(Expert)
09 July 2017
in cases where the turnover is below 2 cr and you do not want to maintain books, then the minimum profit to declare is 6% in case of turnover routed through banking channels and 8% for cash turnover.
In case you want to declare less profit, then you need to maintain books of accounts and get it audited.
In case you want to declare less profit, then you need to maintain books of accounts and get it audited.
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