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Partnership firm audit

ANIL KUMAR (Prop) (21 Points)

02 October 2017

Dear all

Plz Let me know that my turnover from profession is Rs. 1000000 and income 25000. Is it compulsory to get the accounts audited for A Y 2017-2018.

Is Partner salary and interest are deductible from income.

What is the limit of INCOME TAX AUDIT Limit for Partnership firm and their conditions.

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2 Replies

(Guest)

if turnover more than 2 cr

and profit less than 8% u need to

et ur accounts audited

Vinod Araveti (Practicing CA) (1180 Points)
Replied 03 October 2017

Turnover Limit for Audit

Category of Taxpayer	FY 2016-17 Onwards
Business (Not opting Presumptive Income Scheme)	1 crores
Professionals(Not opting Presumptive Income Scheme)	25 Lakhs
Business opting Presumptive Income scheme u/s 44AD	2 crores
Professionals opting Presumptive Income scheme u/s 44ADA	50 lakhs

if you are covered in Section 44AE or 44BB or 44BBB and if you claim that your profits are lesser than the profits computed on presumptive basis, then tax audit is applicable for you.

if you are covered under seection 44AD and if you claim that profits are lesser than the profits computed on presumptive basis, then the tax audit is applicable.