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.
Menu
Audit of partnership firm
Replies (2)
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.
Recent Topic
- Inverted tax gst refund
- Mismatch of pincode and district while registering
- Total income less than 12 lakhs but after processi
- Is Getsvision Solutions right for SMTP bulk email
- Queries on Stock/ETF gifting.
- Adding bank account for the deceased for ITR refun
- SALE OF EQUITY ON THE LAST DAY OF THE FY 2024-25 N
- Which ITR form
- Form 103 id delayed for submission for more than 1
- Composition scheme
Related Topics
CAclubindia
