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partnership firm Tax Audit
Dear Experts please help me if partnership firm turn over is 13 lac only and paid interest on capital and salary to partner is 280000 approx and after all expenses is Net profit is 10000 in this condition the audit is compulsory or not
Replies (6)
There is no audit requirement in your case.
1. Since the T.O or gross receipts of the partnership firm is less than Rs. 1 crores or Rs. 50 lakhs (in case of a profession) there will not be a tax audit in the above case.
2. But make sure to determine correct profit as per sec 40(b) considering interest on capital and remuneration to partners.
Please correct me if the above solution has an alternative view.
there is net profit is below 8%
File ITR5. Presumptive taxation 44AD not available. Comply with clauses of partnership deed. File return before 31st August 2019
if net profit below 8% and file ITR 5 then tax audit is compulsory or not
Not compulsory under iTR 5.
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