I heve one partnership firm client, having turnover upto 20,00,000. But net profit after transfer remuneration to partner is 0 (Zero)
Can this firm required to audit?
3 Replies
Tanuj Chandra Saxenaa
(Company Secretary)
(7085 Points)
Replied 03 January 2022
Yes Tax Audit u/s 44ad will be applicable as the Profit is less than 6% of Turnover
CA Aakarsh Jain
(CA)
(10431 Points)
Replied 03 January 2022
No tax audit is not required. It is only required in this case if your client filed his return u/s 44AD in last 5 years.
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