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Partnership firm

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Querist : Anonymous

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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?
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Nikhil Kaushik

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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.
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