Dear sir please guide me if file ITR 5 for partnership firm and NP is below 8% or 6% then Audit is mandatory for A.Y 18-19
Turnover 2.5 Lac only
business nature is Jobwork
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Partnership firm
Replies (2)
Audit is not compulsory if your turnover is less than 1 Crore ... and filing ITR 5..
if you wish to file ITR 4 and offering profit less than 8% or 6% then tax audit applicable
if you wish to file ITR 4 and offering profit less than 8% or 6% then tax audit applicable
looking to your turnover it is better to offer 8% / 6% profit as the case may be to avoid any litigation.
for tax audit applicability, your past return history to be considered.
for tax audit applicability, your past return history to be considered.
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