What are the criterias for Partnership firm to undertake audit u/s 44AB if they don't opt for the presumptive scheme of 8%. Require an understanding of rules for assessment year 17-18.
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Criterea for partnership firm to undertake audit sec 44ab
Replies (2)
Refer form 3CB and Form 3CD. I hope you will get idea about what to look or not.
In case the partnership firm carries on business the limit for turnover is Rs.1 crores. In case the partnership firm carries on profession, the turnover is Rs.50 lakhs for AY 2017-18. Previously the turnover criteria was Rs.25 lakhs
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