Partnership firm to Proprietor firm audit

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729 Points Posted on 23 January 2022
Dear Sir,

earlier have partnership firm we have filed ITR after audit now partnership has been closed and both partner has made individual firm so please suggest Can we need do Audit
1st firm Sale 2231000/- GP 486000/- NP 331000 and 2nd firm Sale 1981000/- GP 389100/- NP 291000/-
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On 23 January 2022 at 13:10 Report
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Quick Summary
A partnership firm has closed and its partners have established individual proprietor firms. The user is asking if these new proprietor firms require an audit. Based on the provided sales figures, neither of the new proprietor firms have crossed the audit turnover threshold and therefore do not require an audit.

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Practising CA
8954 Points Posted on 23 January 2022
Both the new proprietary firms don't require audit to be done.
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On 23 January 2022 at 13:28
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65 Points Posted on 24 January 2022
Not required to Audit. it has not crossed Turnover limit.
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On 24 January 2022 at 16:03

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