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audit query
audit is must for partnership firm
Replies (3)
In case of partnership firm doing business and turnover crosses 1CR or NP below 8% or doing profession and turnover crosses 50lac or NP below 50% or doing business and opted for 44AD and turnover crosses 2CR
if firm doing business audit is applicable only if turnover crosses 1 Crore
if firm doing professional services then audit applicable only if turnover crosses 50 lakhs
if firm wants to declare profit under Presumptive Taxation u/s 44AD then turnover is 2 crores for Tax audit
if firm doing professional services then audit applicable only if turnover crosses 50 lakhs
if firm wants to declare profit under Presumptive Taxation u/s 44AD then turnover is 2 crores for Tax audit
I am TNEB retiree.
My net taxable income from my salary till my retirement is Rs.800000.
My earn leave encashment payment on my terminal benefit from my retirement is Rs.600000.
Kindly clarify whether the sum of Rs.600000 is to be added with Rs.800000 for the tax calculation as per tax slap.
Kindly clarify please.
Ashok Thangasamy
7010650151.
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