I have a registered a partnership firm in 2020 and received a grant of 3 lakh in 2020 from university for a project. Now I have spent all the money. Do I forced to do a firm audit. Till date no GST number taken, no sales, no cash deposit. Only the grant money spent on project paid through online and cash voucher. So do I have to get a audit on partnership firm is it complusry ? I wish to close the partnership firm now.
Did you obtained PAN of the firm?
Yes I do have a company PAN for partnership firm but never used it or shared it
As per the Income Tax Act, 1961, Tax Audit of partnership firm is mandatory if the turnover/ gross receipt exceeds Rupees One Crore in case of business and Rupees twenty five laces in case of profession. ... A written report should be submitted by Auditor at the end.
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