My Net profit is Less Than 5℅ Tax audit is applicable on me or not..

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43 Points Posted on 23 May 2020
I, have partnership firm & i maintain all books of accounts properly but my net income is less than 5℅ so tax audit applicable on me or not...

Turnover 1600000
F.Y. 2018-2019
Firm Registered March 2018

F.Y. 2017-18 ITR filed Nil
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On 23 May 2020 at 22:07 Report
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This discussion addresses whether a tax audit is applicable to a partnership firm with a net profit of less than 5%. The firm's turnover was £1,600,000 for FY 2018-2019, and it was registered in March 2018. The advice given suggests that a tax audit is likely applicable unless the firm opts for presumptive taxation under Section 44AD, declaring either 8% or 6% of turnover as profit.

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Student CA IPC / IPCC
352 Points Posted on 23 May 2020
Yes, tax audit is applicable
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On 23 May 2020 at 22:57
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12244 Points Posted on 24 May 2020
Either declare 8% or 6% as the case may be under 44AD else audit your books of accounts
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On 24 May 2020 at 06:00

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