Audit Compulsory or not For Partnership Firm

virag (Account and Tax consultant)   (114 Points)

19 September 2022  
Hello All,

One of our clients, is a partnership firm having turnover of Rs.30 lacs in Saree Retail business.They are showing profit of Rs.15k against turnover.

Is it compulsory for them to do an audit to show this profit or switch over to presumptive taxation ?

Please guide us on it.

Virag Shah.