In my case turnover is 25 lakh but having profit less than 8% not willing to file itr 4 (presumptive income sec 44AD)
can I go for itr 5 by submitting p&l and Bal sheet w/o audit of books of accounts....
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ITR for Partnership firm
Replies (3)
Yes you can
Agreed to above answer, but a precautionary note::
If the firm had opted sec. 44AD in any of the preceding 5 years, tax audit u/s. 44AB(e) will be applicable...
If a partnership firm has profit less then 8%/6% of the turnover , then either ITR is to be filled under presumptive income disclosing minimum 6%/8% profits of the the total turnover or else tax audit u/s 44AB has to be done.
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