Regarding Tax Audit of Parternship firm (In case of first year)
This query is : Open
22 July 2025
Respected Colleagues,
If a partnership firm having first year of business FY 2024-25 turnover nearly 30 Lakhs and Profits approx 1.45 Lakhs before partner remuneration, then as per sec 40(b) of IT act, firm entire Book profits transfer to remuneration of partners due to below 1.50 Lakhs and in this case no loss ,no profit, So my question is whether tax audit is compulsory in this case or not, due to below profits under 6% as per 44AD? ...............Please guide
If a partnership firm having first year of business FY 2024-25 turnover nearly 30 Lakhs and Profits approx 1.45 Lakhs before partner remuneration, then as per sec 40(b) of IT act, firm entire Book profits transfer to remuneration of partners due to below 1.50 Lakhs and in this case no loss ,no profit, So my question is whether tax audit is compulsory in this case or not, due to below profits under 6% as per 44AD? ...............Please guide
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Procedure and Documents Required for Release of FD from DVAT
- IGST Refund pending since June 2022.
- Transfer of Rectification Rights to the Jurisdictional Assessing Officer
- Ewaybill Material value reg
- SEA GOING ALLOWANCE
- Which ITR application
- Transfer of rectification rights to ao
- Treatment of Profit on sale of fixed assets
- TDS whether applicable or not in case of Flat purchase
- SALES MADE THROUGH E COMMERCE OPERATOR 9(5)
- Regarding Tax Audit of Parternship firm (In case of first year)
- Supplementary audit
- E proceeding query u/s 143(2) for a.y. 24.25
- REQUEST FOR HELP IN TALLY THE BALANCE SHEET
- CHANGE IN PARTICULARS OF DIRECTOR
- Non- payment of GST on supply of services- reg
- Accumulated surplus exceeding 15%
- Different GST Number MEESHO
- Fees amount transfer procedure for two doctors
- Notice u/s 148 of IT Act
Trending Online Classes
CAclubindia
