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.
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.
CAclubindia
