Profit shown by a partnership firm under audit

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shikhar sharma (Querist)
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09 December 2013 my query is, if a partnership firm whose gross turnover exceeds rs.10crore in a f/y can show profit at a rate less than 1% of turnover ??
that is if the actual profit earned by the firm is as low as 0.5% of its turnover and it gets its books audited by a practicising C.A will this be accepted by the govt./department?

CA Hardik Bunha

CA Hardik Bunha (Expert)
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09 December 2013 if your books of accounts are audited by practising C.A. then no matter whatever your profit is.

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shikhar sharma

shikhar sharma (Querist)
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09 December 2013 you mean if the firm gets its books of account audited then whatever low my profit rate is it will make no impact and it will be valid

shikhar sharma

shikhar sharma (Querist)
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09 December 2013 actually one of my friend through its firm has made turnover of 10crore this year and he gets his books audited but he claims that his profit on rs.10crore is only 6lacs

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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09 December 2013 Yes it is possible.

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