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?
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Partnership firm Tax audit query
Replies (3)
Yes Tax Audit u/s 44ad will be applicable as the Profit is less than 6% of Turnover
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.
Mr aakarsh is absolutely right
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