Query regarding Tax Audit of Partnership Firm
This query is : Resolved
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CA Pooja P
(Querist)
21 June 2024
As per Sec 44AB, limit of 1 crore has increased to 10 crores if cash receipts/ payments do not exceed 5% of turnover. Does this apply to a Partnership Firm ?
Suppose a partnership firm is having a turnover of 5 crores and cash receipts/ payments are below 5% of turnover. Thus, this partnership firm will not be liable to Tax Audit for AY 24-25, correct ?
Suppose a partnership firm is having a turnover of 5 crores and cash receipts/ payments are below 5% of turnover. Thus, this partnership firm will not be liable to Tax Audit for AY 24-25, correct ?
Dhirajlal Rambhia
(Expert)
21 June 2024
Yes, correct, it applies to partnership firm also.
Jaspal Singh
(Expert)
21 June 2024
yes, not liable to audit
Dhirajlal Rambhia
(Expert)
30 August 2024
Good luck.
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