I am a partner of a Partnership Firm which provides Recruitment and Selection Search in India. Kindly advise turnover limit for mandatory Audit on the Partnership Firm. We place middle & Senior management candidates with our clients and charge them a fees ranging from 8.33% to 16.33% of the candidates Salary.
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Audit of partnership firm
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turnover limit for mandatory Audit is Rs.1crore.
1. If your total sales/turnover/gross receipts in the business exceed Rs.1 crore, you will have to get your accounts audited u/s 44AB of the IT Act.
2. If your total sales/turnover/gross receipts in the business is less than Rs.1 crore, but you are showing an income below 8% of turnover/gross receipts, even then you will have to get your accounts audited u/s 44AB of the IT Act. Since yours is a firm, the 8% income would be computed before deducting interest and salary payable to partners.
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