Tax Audit for partnership firm


This query is : Resolved 

Quick Summary
This discussion addresses whether a tax audit is compulsory for a partnership firm with a turnover of Rs. 1.14 crore for FY 2023-24. The consensus is that if the partnership firm is eligible for presumptive taxation under Section 44AD of the Income Tax Act, it can opt for this scheme instead of a mandatory audit.

(Querist)
29 June 2024 Does tax audit is mandatory for a partnership firm having turnover Rs. 1,14,00000/- (One crore fourteen lakhs) for the financial year 2023-24 or we can OPT presumptive taxation u/s 44AD


Please suggest, thank you

29 June 2024 Yes, if eligible business, PF can opt for presumptive assessment u/s. 44AD IT act.

29 August 2024 Good Luck.


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