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Partnership firm.

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Kkk
1204 Points Joined February 2017
whats the conditions for tax audit of partnership firm.
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On 04 January 2021 at 21:29 Report
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Chartered Accountant
24588 Points Joined November 2019
You should opt for presumptive taxation u/s 44AD @ 8% profit on turnover in case of partnership but your turnover should be less than 2 crores rupees
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On 04 January 2021 at 21:38
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524 Points Joined June 2020
There is different provision for partnership firm if it's turnover exceeded threshold limit mantioned in 44AB then it is liable for audit.
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On 04 January 2021 at 21:46
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STUDENT
1631 Points Joined August 2017
No BLS ( Basic Exemption Limit )

If nill return , can file return

Tax audit mandatory apllicable , if turnover exceeds Rs .2 Crores!
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On 04 January 2021 at 22:18
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524 Points Joined June 2020
In income tax tax audit applicable only if turnover exceeds Rs.1 crore or 5 crore as the case may be or under presumptive tax if he claims lower profit
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On 04 January 2021 at 22:24
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Accountant
4533 Points Joined February 2017
TURNOVER above 1cr.
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On 05 January 2021 at 01:18
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Kkk
1204 Points Joined February 2017
In brief if turnover exceed 1 cr or 2 cr as the case may be and profit lower than 8/ pf the turnover.
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On 05 January 2021 at 12:33
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STUDENT
1631 Points Joined August 2017
Partneship -cannot opt for presumptive scheme , file IT as normal business income !
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On 05 January 2021 at 22:02
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Kkk
1204 Points Joined February 2017
Yes it can't but if profit is less than 8/ of turnover then normal itr5 is to be filled or audit is applicable on it.
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On 05 January 2021 at 23:16
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Accountant
4533 Points Joined February 2017
If turnover exceeds 1 CR
if you are taking the presumy to taxation then income is below the percentage described
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On 08 January 2021 at 01:11
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Kkk
1204 Points Joined February 2017
Can we take presumptive taxation for firm if turnover is less than 1 cr
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On 08 January 2021 at 18:23
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Accountant
4533 Points Joined February 2017
Yes you take 44AD if turnover is less than 2cr
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On 08 January 2021 at 22:58

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