Sharmaji (Student) (5 Points)
06 September 2021I 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.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160327 Points)
Replied 06 September 2021
Did you obtained PAN of the firm?
CA. Sourav Sarkar
(Chartered Accountant )
(24578 Points)
Replied 06 September 2021
Sharmaji
(Student)
(5 Points)
Replied 06 September 2021
Yes I do have a company PAN for partnership firm but never used it or shared it
debora M
(BUSINESS DEVELOPMENT MANAGER)
(1697 Points)
Replied 07 September 2021
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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