if turnover is 67 lkh and profit is below 6 % tax audit is applicable or not ?? no remuneration and interest paid on capital
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Quick Summary
This discussion clarifies the applicability of Section 44AB tax audit for partnership firms. If your firm's turnover is under £1 crore (67 lakhs) and your declared profit is less than 6% of turnover, a tax audit is generally not required, especially if no remuneration or interest is paid on capital. This exemption aims to simplify compliance for smaller businesses.