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?
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Partnership firm with 14.50 lakh turnover - tax audit clause
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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.
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.
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