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Partnership firm.
whats the conditions for tax audit of partnership firm.
Replies (11)
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
There is different provision for partnership firm if it's turnover exceeded threshold limit mantioned in 44AB then it is liable for audit.
No BLS ( Basic Exemption Limit )
If nill return , can file return
Tax audit mandatory apllicable , if turnover exceeds Rs .2 Crores!
If nill return , can file return
Tax audit mandatory apllicable , if turnover exceeds Rs .2 Crores!
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
TURNOVER above 1cr.
In brief if turnover exceed 1 cr or 2 cr as the case may be and profit lower than 8/ pf the turnover.
Partneship -cannot opt for presumptive scheme , file IT as normal business income !
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.
If turnover exceeds 1 CR
if you are taking the presumy to taxation then income is below the percentage described
if you are taking the presumy to taxation then income is below the percentage described
Can we take presumptive taxation for firm if turnover is less than 1 cr
Yes you take 44AD if turnover is less than 2cr
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