Respected Sir/ Ma’am
If a partnership firm have a gross turnover of Rs. 10,00,000/- and Net Profit before remuneration paid to Partner is Rs. 2,62,000/- out of Which Rs. 2,00,000/- paid to partners as remuneration.
Please suggest whether Tax Audit is required or Not and also which ITR form should be filled..
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partnership firm ITR
Replies (5)
File ITR 5 with minimum 6/8% profit margin over bank/cash turnover; no tax audit liability.
can I file ITR 5 if profit is less then 8% after remunaration paid to partner?
ITR 4 under 44AD 8/6% profit margin
or ITR 5 will p&L BS
or ITR 5 will p&L BS
| Originally posted by : shubham Mittal | ||
|
can I file ITR 5 if profit is less then 6/8% after remuneration paid to partner? YES, with Tax audit report. |
||
thanks to all
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