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Tax audit for partnership firm

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(Querist)
08 October 2013 Is it complusory for a firm to go for tax audit if its turnover is less than 1cr and profit less than 8% of turnover even if its willing to show its profit at 8%.?
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Dintakurthi Tirumala

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Dintakurthi Tirumala (Expert)
08 October 2013 If it willing to show profit 8% u/s 44AD event their book profit is low for tax purpose then no need to make tax audit u/s 44AB.


Note: However for partnership forms 8% minimum profit shall be consider before payment of partner's remuneration.

OM SAI SRI SAI JAI JAI SAI
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Dintakurthi Tirumala

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Dintakurthi Tirumala (Expert)
08 October 2013 Means from the minimum profit as per section 44AD remuneration to the partners if any is allowable.

OM SAI SRI SAI JAI JAI SAI
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CA UMESH DULAL

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CA UMESH DULAL (Expert)
08 October 2013 If you wise to declare profit at 8 % or more you need not get tax audit if turnover is less than 1 cr
Remember you can take benefit of parter salary from declare profit if it is allowed by partnership deed
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