Dear Sir/Madam,
If partnership firm total turnover is Rs 24lac and net profit is Rs 45000/- in FY 2020-21 (Below 6% & 8%). Do they need to do audit if we file ITR-3?
Please clarify thanks for the advance.
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Audit for Partnership Firms
Replies (8)
WHETHER SEC 44AD WAS OPTED BY FIRM IN ANY PRECEDING YEAR/S?
No sir, this is first filing for them
So, Tax audit not applicable...
No Tax Audit will not be applicable if the firm has not opted sec 44ad in any preceeding yrs
Applicability of Sec 44Ad
turnover is not mentioned here it is for all assesse whose income is 6% of the income on account payee cheque in prescribed electronic mode during the previous year or before the due date of filing of return
2. 8% of the gross receipts received in the previous year.
turnover is not mentioned here it is for all assesse whose income is 6% of the income on account payee cheque in prescribed electronic mode during the previous year or before the due date of filing of return
2. 8% of the gross receipts received in the previous year.
Hi Sir,
I have few more query regarding partnership firm will you pls explain
- what is the maximum turnover limit for partnership firm for Audit?
Example - If we haven't file under section 44AD in any previous year and our turnover is 99lakh in FY 2020-21 and profit is 100000 do we need to do audit? Can we show only 1lac profit without doing audit?
- In above question my profit is below 6/8% and u confirmed audit is not mandatory if i haven't file under 44AD in any preceding yr? When Audit case will come in this case
- If we will cross 1cr turnover than only audit will come below 1cr turnover we can show any profit without having audit? Pls explain
Please explain above case one by one it will be really help me to understand more and clear. Thanks
Hi Sir,
Please response to my query. Thanks
Anyone please response to my query.
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