Firm Audit
shivaraj (student) (32 Points)
02 July 2021
when it's mandatory for partnership firm to get audit?
debora M
(BUSINESS DEVELOPMENT MANAGER)
(1697 Points)
Replied 30 August 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. It is highly recommended that every partnership firm should go for audit of his accounts.
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