banner_ad

Partnership firm with 14.50 lakh turnover - tax audit clause

ITR 204 views 2 replies
User Avatar

Partner
22 Points Joined November 2017

A partnership firm providing paying guest service has turnover of Rs. 12,50,000 during f/y 17-18. Net profit after partner remuneration of Rs. 1,40,000 is coming to Rs. 4010. Please let me know whether Tax Audit is required or we can go ahead with normal IT filing without tax audit?

0 Reply Share Follow
On 19 August 2018 at 23:28 Report
Replies (2)
User Avatar

Student CA Final
431 Points Joined December 2014
if u r maintaining books of accounts and preparing Balance sheet n P&L, since ur turnover is less than 1cr tax audit is not required.
Reply
On 20 August 2018 at 10:29
User Avatar

867 Points Joined December 2015
Tax audit is required u/s 44AB(e), if you offer profit less than 8%. Because in 8% profit, remuneration to partner is deemed to be allowed.
Follow me on twitter for more updates @ cabhaviksoni
Reply
On 20 August 2018 at 17:50

Summarize this with AI
ChatGPT Perplexity Claude Google AI Grok

CCI Pro

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Threads

More recent discussions | Post

Related Threads
Loading

Latest Job Openings

View all
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details