Partnership Firm
AY 2020-21
Turnover : 1.05 Cr
Cash Receipt / Payment : Less then 5%
Net profit after Remuneration and Interest : Less then 6%
Opted Presumption Taxation in last 5 years : NO
Some CA are saying Audit Required… and some saying No.
Now is there any clarification from ICAI or CBDT on it.
| Originally posted by : MAHARAJA SELVA ESWAR | ||
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If net profit is greater than 6% , no need of audit .when there is lesser profits ,deemed profits will be inapplicable and even while you are filing itr 4, the portal will intimate you to audit before you file your return when the profits are lesser than 6%So audit will be reqd . |  |
This is only when subsection 4 of 44AD is applicable!
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