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Regarding tax audit.

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(Querist)
10 September 2010 If a partenrship firm started business in Decemebr and the patnership deed is made in january after which the firm obtained PAN and the total turnover upto march is Rs.43 Lakhs then what is the remedy? Turnover before Partneship deed made in writing is Rs.15,00,000 and the turnover before tha PAN application is Rs.2000000

Now what is the remedy?
Please guide
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CA Shiv

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CA Shiv (Expert)
10 September 2010 I think you have made the partnership deed in Jan but with effect from December......
Any how it will be liable for tax audit...
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mohinder kansal

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mohinder kansal (Expert)
10 September 2010 if business in partnership is started in december it is not relevant when the deed is written or when the PAN obtained. if turnover is 43 lacs tax audit is required. partnership business can be started without a written deed also as partnership agreement is a contract between partners and a contract may be oral or written.
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