mine is a partnership firm with gross receipt of Rs 30 lacs from trading business.
I want to file ITR 5 . am I liable for tax audit if profit is below 8% ?
what will be scenerio if I file ITR 4 and I show profit above 8% ?
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audit for partnership firm
Replies (3)
Yes if your profit is below 8% then audit will be required
In second scenerio no audit required
in first scenario, why is tax audit required ?
can you please quote the section or provision regarding this ?
can you please quote the section or provision regarding this ?
But you wont be able to claim HRA
Put some nominal amount Rs.1 in rent received
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